GBP/USD 1.5189 – 6 July 2010

GBP/USD Open 1.5125 High 1.5208 Low 1.5081 Close 1.5132

On Monday Pound/Dollar was trading downwards, matching the negative Interbank sentiment at nearly -3%. The Cable depreciated from 1.5197 to 1.5091 yesterday, closing the day at 1.5132. Today, after partial further weakening, the pair renewed recovering. On the 1 and 3 hour charts the upward channel was disturbed with the downward movement from last week, but seems to be resuming after the lower limit successfully bounced the pair up. First resistance is today’s top at 1.5208. Break above it should extend the bullish movement further towards 1.5331. The nearest support is today’s bottom at 1.5081. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4998. There are no major economic events for UK today. Quotes are moving just above the the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising sharply, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.5208 1.5331 1.5450
Technical support levels: 1.5081 1.4998 1.4900

Trading range: 1.5175 – 1.5250
Trend: Upward
Buy at 1.5189 SL 1.5159 TP 1.5239

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