GBP/USD 1.4527 – 24 May 2010

GBP/USD Open 1.4460 High 1.4529 Low 1.4324 Close 1.4473
Pound/Dollar was held within a wide trading range last week, and showed willingness for recovery on Friday, in converse with negative Interbank sentiment at nearly -58%. The Cable traded with a slicht appreciation on Friday, climbing from 1.4324 to 1.4489, closing the week at 1.4473. Today Sterling is pushing further upwards, but without strong momentum so far. First resistance is today’s top at 1.4529. Break above it should extend the bullish movement further towards 1.4600. The nearest support is Friday’s bottom at 1.4324. Going bellow it should extend British Pound’s reduction further down towards next downward target 1.4243. There are no major economic events for UK today. 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 inclining upwards, MACD is positive and dovish, while CCI has crossed up the 100 line on the 1 hour chart, giving over light long signals.

Technical resistance levels: 1.4529 1.4600 1.4725
Technical support levels: 1.4324 1.4243 1.4135

Trading range: 1.4540 – 1.4465
Trend: Downward
Sell at 1.4527 SL 1.4557 TP 1.4477

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