GBP/USD 1.4471 – 27 May 2010

GBP/USD Open 1.4381 High 1.4535 Low 1.4337 Close 1.4386
Pound/Dollar traded hesitantly on Wednesday, in converse with negative Interbank sentiment at nearly -59%. The Cable was moving within the narrow 1.4337 – 1.4448 range, closing the day at 1.4386. Today Sterling is making recovery efforts, reaching the high levels from the beginning of the week. First resistance is today’s top at 1.4535. Break above it should extend the bullish movement further towards 1.4627. The nearest support is yesterday’s bottom at 1.4337. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4250. Today is the UK CBI retail sales volume balance May and UK Gfk consumer confidence at 10 and 23:01 GMT respectively. 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 quiet, MACD is positive and climbing, while CCI has crossed up the 100 line and shows overbought status on the 1 hour chart, giving over long signals.

Technical resistance levels: 1.4535 1.4627 1.4725
Technical support levels: 1.4337 1.4250 1.4133

Trading range: 1.4460 – 1.4545
Trend: Upward
Buy at 1.4471 SL 1.4441 TP 1.4531

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