Wednesday, April 21, 2010
Lisa Gleave Hot in Red nighty
The Pound is going g through a sharp recovery from 1.5190 low on Monday, as the pair extended its upmove on European session, fuelled by UK CPI figures and improved risk appetite, breaking above 1.5400, to hit session high at 1.5435 so far.
According to the FXMarketAlerts Team, the pair has closed Monday's gap and the pair could open a consolidation period around 1.5350 for the next sessions: "Pop higher this am. has held, though we're now up at 1.5420 resistance (last week's pivot), which is a likely s/t range ceiling. At any rate, closure of the Monday gap cancels the weakness there and suggests 1.52 is a feasible floor for the next 1-2 days' trade centered on 1.5350."
On the upside, above 1.5420, next resistance levels lie at resistance levels lie at 1.5525/35 (Mar 17 high/Feb 8 low), and 1.5575 (Feb 23 high). On the downside, support levels lie at 1.5340 (Apr 19 high/previous session high), and below here, 1.5255 (intra-day level) and 1.5190 (Apr 19 low).