GBP/USD 1.4856 – 13 May 2010

GBP/USD Open 1.4829 High 1.5044 Low 1.4815 Close 1.4820
Pound/Dollar is trading hesitantly this week, including on Wednesday, in converse with the negative Interbank sentiment at around -56%. The Cable depreciated yesterday from 1.5044 to 1.4815, closing the day at 1.4820. Today the Sterling is trying to resume recovery. First resistance is yesterday’s top at 1.5044. Break above it should extend the bullish movement further towards 1.5146. The nearest support is yesterday’s bottom at 1.4815. Going bellow it should extend British Pound’s weakening further down towards next downward target 1.4722. Today is the UK Trade in goods and UK Non-EU trade at 8:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI and CCI indicators are positive and declining, while MACD is neutral and inclining slightly upwards on the 1 hour chart, giving light short signals.

Technical resistance levels: 1.5044 1.5146 1.5270
Technical support levels: 1.4815 1.4722 1.4512

Trading range: 1.4885 – 1.4810
Trend: Downward
Sell at 1.4874 SL 1.4904 TP 1.4824

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