GBP/USD 1.4856 - 18 June 2010

GBP/USD Open 1.4815 High 1.4887 Low 1.4649 Close 1.4818

After the deep correction on Wednesday, on Thursday Pound/Dollar recovered strongly, in converse with negative Interbank sentiment at nearly -28%. The Cable appreciated from 1.4649 to 1.4836 yesterday, closing the day at 1.4818. Today the pair continued inclining upwards, with an adequate impulse for now. First resistance is today's top at 1.4887. Break above it should extend the bullish movement further towards 1.4950. The nearest support is yesterday's bottom at 1.4649. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.4549. Today's focus is on UK M4 money supply, PSNCR and PSNB 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 tranquil, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.Technical resistance levels: 1.4852 1.4950 1.5100Technical support levels: 1.4649 1.4549 1.4398

Trading range: 1.4845 - 1.4920Trend: UpwardBuy at 1.4856 SL 1.4826 TP 1.4906

Already made +46 pips profit on GBP/USD today from the following signal:5:29 GMT+1 Buy GBP/USD at 1.4841 SL 1.4809 TP 1.4901 exit at 8:46 GMT+1.Today so far +155, yesterday +88, as shown in details at