GBP/USD 1.4947 - 11 March 5151

Pound/Dollar continued decreasing on Wednesday as Manufacturing production data was worse than expected. The Cable descended to 1.4877, from where it climbed up to 1.4993, closing the day at 1.4976. The fact that the Cable dropped bellow 1.49 confirms the remaining of the bearish pressure. There are no major economic events today for UK besides the Inflation figures coming at 9:30 GMT. Break bellow yesterday's bottom and nearest support at 1.4877 should confirm the integrity of the downward channel, and may trigger stronger bearish momentum with targets towards 1.4867. Immediate resistance is yesterday's top at 1.5016, followed by 1.5086. Going above Monday's top 1.5193 may lead to further recovery of the Sterling. Quotes have just crossed up the close to one another 20 and 50 EMA on the 1 hour chart, indicating slight increasing sentiment. The value of RSI and CCI indicators are positive and inclining upwards, while MACD is neutral and calm, giving overall long signals.
Technical resistance levels: 1.5016 1.5086 1.5193
Technical support levels: 1.4877 1.4750 1.4656

Already made +39 pips profit on GBP/USD today from the following signal:
6:51 GMT Sell GBP/USD at 1.4958 SL 1.4984 TP 1.4898 exit sent 7:36 GMT
Today so far +62, yesterday +165, as shown in details here.

• Japan’s Hirano was more pessimistic; saying economy still in severe state despite positive growth

• Japan Q4 GDP was revised to +0.9% q/q, +3.8% annualized (1.0%/4.0% expected, 1.1%/4.6% prior)

• Reports that the China Statistics Bureau sees mild inflation in the coming year, but no signs of overheating.

• China CPI (Feb) +2.7% y/y, PPI +5.4%, +2.3% and +5.2% eyed, +1.2% and +0.4% m/m.

• China industrial production (Feb) +20.7% y/y, retail sales +17.9%, +19.5% /+18.0% eyed.

• Australia employment (Feb) +0.4k, unemployment 5.3% (+15k, 5.3% expected)

• RBNZ holds rates at 2.50% as expected, but more dovish tone to statement; reiterated hikes not due until mid 2010

• RBNZ Governor Bollard was quoted as saying future normal level of OCR not conducive to carry trade, can afford to wait and watch before hiking rates, wants to see signs of robust recovery, may not need to up rates as high as previous cycle

• NZ PMI (Feb) ticked up to 53.3