GBP/USD 1.4574 – 14 May 2010

GBP/USD Open 1.4614 High 1.4911 Low 1.4815 Close 1.4611
Pound/Dollar traded with a decrease on Thursday, in line with the negative Interbank sentiment at around -56%. The Cable depreciated yesterday from 1.4911 to 1.4571, closing the day at 1.4611. Today Sterling’s weakening is trying to continue unconvincingly. First resistance is yesterday’s top at 1.4911. Break above it should extend the bullish movement further towards 1.5044. The nearest support is today’s bottom at 1.4556. Going bellow it should extend British Pound’s reduction further down towards next downward target 1.4440. There are no major economic events for UK today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, while MACD and CCI are negative and calm on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.4911 1.5044 1.5146
Technical support levels: 1.4556 1.4440 1.4303

Trading range: 1.4585 – 1.4510
Trend: Downward
Sell at 1.4574 SL 1.4604 TP 1.4524

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