GBP/USD Open 1.5195 High 1.5120 Low 1.4947 Close 1.5201
Pound/Dollar rose on Friday although Interbank sentiment remained weak at only around 3%. The Cable increased from 1.5033 to 1.5200, closing the week at 1.5201. That price was a testing of the upper limit of the bearish channel of the Cable seen on the 3 hour chart, which has held the bullish attacks so far. There are no major economic events today for UK, only the BoE quarterly released bulletin and Right-move housing prices, already passed at 00:00 GMT. Break bellow Friday’s bottom and nearest support at 1.4947 should confirm Sterling’s long term weakness against the Dollar, and may trigger stronger decreasing impulse with targets towards 1.4871. Immediate resistance is today’s peak at 1.5120. Going above it 1.5193 may seriously shake the bearish perspective. Quotes are moving way bellow the 20 and above the 50 EMA on the 1 hour chart, indicating insignificant bearish pressure. The values of RSI and CCI indicators are negative and declining, while MACD is positive and declining, giving overall short signals.
Technical resistance levels: 1.5120 1.5357 1.5454
Technical support levels: 1.4947 1.4871 1.4750
Trading range: 1.5160 – 1.4985
Trend: Downward
Buy at 1.5148 SL 1.5178 TP 1.4998
Written by iFOREX.bg
