Technical Analysis Daily: GBP/USD

GBP/USD 1.4537

GBP/USD Open 1.4771 High 1.5065 Low 1.4756 Close 1.4776

After two days of uncertain movement yesterday Pound/Dollar continued with the downward direction. Traders are awaiting news on interest rate policy of the BOE at noon GMT. This will lead to serious volatility in the market as a whole. Yesterday's bottom during yesterday was 1.4664, with closing price 1.4776. The trend remains in favour of the Dollar with targets towards 1.4500. Present short-term resistance level is 1.4800 followed by 1.4970. Immediate support represents the 1.4460 level. The CCI indicator crossed down the 100 line on the daily chart, indicating further potential downward pressure.

Technical resistance levels: 1.4800 1.4970 1.5060
Technical support levels: 1.4460 1.4395 1.4470

Trading range: 1.4550 - 1.4475

Trend: Downward

Sell at 1.4537 SL 1.4567 TP 1.4487

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