GBP/USD 1.4460 – 18 May 2010

GBP/USD Open 1.4476 High 1.4549 Low 1.4279 Close 1.4471
Pound/Dollar traded mainly with a decrease on Monday, in line with the negative Interbank sentiment at nearly -59%. The Cable depreciated yesterday from 1.4549 to 1.4279, than recovered partially, closing the day at 1.4471. Today Sterling’s is trading hesitantly. First resistance is yesterday’s top at 1.4549. Break above it should extend the bullish movement further towards 1.4641. The nearest support is yesterday’s bottom at 1.4279. Going bellow it should extend British Pound’s reduction further down towards next downward target 1.4135. Today is the UK HICP, Retail prices, and RPI-X at 8:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and inclining upwards, while CCI is positive and rising on the 1 hour chart, giving over light long signals.

Technical resistance levels: 1.4549 1.4641 1.4781
Technical support levels: 1.4279 1.4135 1.4000

Trading range: 1.4450 – 1.4520
Trend: Upward
Buy at 1.4460 SL 1.4430 TP 1.4510

Written by