GBP/USD 1.4356 – 20 May 2010

GBP/USD Open 1.4409 High 1.4465 Low 1.4242 Close 1.4446
After a slight descend, Pound/Dollar followed the Euro up on Wednesday, in converse with the negative Interbank sentiment at around -68%. The Cable appreciated yesterday from 1.4242 to 1.4465, closing the day at 1.4446. Today Sterling lost some of yesterday’s gains, and is moving without clear direction so far. First resistance is yesterday’s top at 1.4465. Break above it should extend the bullish movement further towards 1.4600. The nearest support is today’s bottom at 1.4242. Going bellow it should extend British Pound’s reduction further down towards next downward target 1.4135. Today are the UK Retail sales at 8:30 GMT. Quotes are crossing with the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The values of the RSI and MACD indicators are positive and declining, while CCI is about to cross up the 100 line on the 1 hour chart, giving over light long signals.

Technical resistance levels: 1.4465 1.4600 1.4725
Technical support levels: 1.4237 1.4135 1.4000

Trading range: 1.4345 – 1.4420
Trend: Upward
Buy at 1.4356 SL 1.4326 TP 1.4406

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