GBP/USD 1.5565 – 28 July 2010

GBP/USD Open 1.5584 High 1.5618 Low 1.5445 Close 1.5591

On Tuesday Pound/Dollar continued ascending, in line with the positive Interbank sentiment at around +13%. The Cable appreciated from 1.5445 to 1.5599 yesterday, closing the day at 1.5591. Today the pair extended its climb further to 1.5618. On the 1 hour chart the upward channel has resumed, while on the 3 hour chart the upward channel is looking very good. First resistance is today’s peak at 1.5618. Break above it should extend the bullish movement further towards 1.5750. The nearest support is yesterday’s bottom at 1.5445. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5250. There are no major economic events for UK today. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is positive and declining, 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: 1.5618 1.5750 1.5868
Technical support levels: 1.5445 1.5250 1.5137

Trading range: 1.5555 – 1.5625
Trend: Upward
Buy at 1.5565 SL 1.5535 TP 1.5615

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