GBP/USD 1.5224 – 14 July 2010

GBP/USD Open 1.5188 High 1.5257 Low 1.4967 Close 1.5175

After starting with slight decrease, on Tuesday Pound/Dollar climbed significantly, not exactly in line with the weak Interbank sentiment at around +7%. The Cable at first descended to 1.4967 yesterday, from where it rose up to 1.5194, closing the day at 1.5175. Today ascending continued up to 1.5242. On the 1 hour chart the trade is within wide range, while on the 3 hour chart the upward channel has resumed. First resistance is today’s peak at 1.5257. Break above it should extend the bullish movement further towards 1.5372. The nearest support is yesterday’s bottom at 1.4967. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4834. Today are the UK Claimant count, UK Average earnings, and UK ILO Jobless rate, all at 8:30. 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 tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.5257 1.5372 1.5500
Technical support levels: 1.4967 1.4834 1.4700

Trading range: 1.5210 – 1.5285
Trend: Upward
Buy at 1.5224 SL 1.5194 TP 1.5274

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