GBP/USD 1.5172 – 5 July 2010

GBP/USD Open 1.5191 High 1.5208 Low 1.5153 Close 1.5194

On Friday Pound/Dollar was trading quietly, matching the weak negative Interbank sentiment at around -1%. The Cable appreciated insignificantly from 1.5153 to 1.5208 on Friday, closing the week at 1.5194. Today movements continue to be calm for now. On the 1 and 3 hour charts the upward channel was resumed after the lower limit successfully bounced the pair up. First and strong resistance is Friday’s top at 1.5208. Break above it should extend the bullish movement further towards 1.5331. The nearest support is Friday’s bottom at 1.5153. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5021. Today is UK CIPS services index at 8:30 GMT. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and consolidating, while CCI has just crossed down the 100 line on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 1.5208 1.5331 1.5450
Technical support levels: 1.5153 1.5021 1.4900

Trading range: 1.5160 – 1.5235
Trend: Upward
Buy at 1.5172 SL 1.5142 TP 1.5222

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