GBP/USD 1.5255 – 15 July 2010

GBP/USD Open 1.5266 High 1.5293 Low 1.5181 Close 1.5268

On Wednesday Pound/Dollar continued the upward impulse with just over 100 pips, in line with the positive Interbank sentiment at nearly +20%. The Cable appreciated from 1.5181 to 1.5293 yesterday, closing the day at 1.5268. Today movements are hesitant so far. On the 1 hour chart the range trading was broken upwards, while on the 3 hour chart the upward channel is intact. First resistance is yesterday’s peak at 1.5293. Break above it should extend the bullish movement further towards 1.5400. The nearest support is yesterday’s bottom at 1.5181. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4967. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and quiet, 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: 1.5293 1.5400 1.5544
Technical support levels: 1.5181 1.4967 1.4834

Trading range: 1.5245 – 1.5315
Trend: Upward
Buy at 1.5255 SL 1.5225 TP 1.5305

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