Technical Analysis Daily: GBP/USD

GBP/USD 1.5091

GBP/USD Open 1.5064 High 1.5120 Low 1.4947 Close 1.5060

Pound/Dollar rose on Thursday although Interbank sentiment remained bearish at around -2%. The Cable increased from 1.4947 to 1.5085, closing the day at 1.5060. Today the Cable recovered to above 1.51, confirming the the short term bullish outlook. There are no major economic events today for UK, only the BoE MPC board member Dale speech at 11:00 GMT. Break bellow yesterday's bottom and nearest support at 1.4877 may return the Sterling back downhill, and may trigger stronger bearish momentum with targets towards 1.4871. Immediate resistance is today's peak at 1.5120. Going above Monday's top 1.5193 may lead to further recovery of the British currency. Quotes are moving way above the 20 and 50 EMA on the 1 hour chart, indicating strong bullish pressure. The values of MACD, RSI and CCI indicators are all positive and rising, giving overall long signals.

Technical resistance levels: 1.5120 1.5231 1.5357
Technical support levels: 1.4947 1.4871 1.4750

Trading range: 1.5080 - 1.5155

Trend: Upward

Buy at 1.5091 SL 1.5061 TP 1.5141

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