GBP/USD 1.5285 – 23 July 2010

GBP/USD Open 1.5269 High 1.5294 Low 1.5151 Close 1.5256

On Thursday Pound/Dollar sharply rose, in line with the positive Interbank sentiment at nearly +12%, staying within this week’s range. The Cable appreciated from 1.5151 to 1.5291 yesterday, closing the day at 1.5256. Today the pair is trading without clear direction so far. On the 1 hour chart the upward channel has widened, while on the 3 hour chart quotes are the upward channel is looking good. First resistance is today’s peak at 1.5294. Break above it should extend the bullish movement further towards 1.5439. The nearest support is yesterday’s bottom at 1.5151. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5040. Today is the UK GDP Q2 at 8:30 GMT. 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 inclining upwards, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 1.5294 1.5439 1.5550
Technical support levels: 1.5151 1.5040 1.4936

Trading range: 1.5275 – 1.5345
Trend: Upward
Buy at 1.5285 SL 1.5255 TP 1.5335

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