GBP/USD 1.5462 – 26 July 2010

GBP/USD Open 1.5419 High 1.5500 Low 1.5259 Close 1.5422

On Friday Pound/Dollar sharply rose, in line with the positive Interbank sentiment at nearly +11%, staying within this week’s range. The Cable appreciated from 1.5259 to 1.5439 on Friday, closing the week at 1.5422. Today the pair extended its gains up to 1.5500. On the 1 hour chart the upward channel has widened, while on the 3 hour chart quotes are moving within the upward channel. First resistance is today’s peak at 1.5500. Break above it should extend the bullish movement further towards 1.5621. The nearest support is Friday’s bottom at 1.5259. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5151. 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 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: 1.5500 1.5621 1.5750
Technical support levels: 1.5259 1.5151 1.5040

Trading range: 1.5450 – 1.5525
Trend: Upward
Buy at 1.5462 SL 1.5432 TP 1.5512

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