On Thursday Pound/Dollar continued increasing with 135 pips. The Cable appreciated from 1.5107 to 1.5242 yesterday, in line with the positive money flow sentiment at nearly +28%, closing the day at 1.5226. Today the British Pound is trading quietly, with movements at the upper end of yesterday's range for the time being.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart wide range trading has formed. First resistance is yesterday's peak at 1.5242. Break above it should extend the bullish movement further towards 1.5364. The nearest support level is yesterday's bottom at 1.5107. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.4985.
Today are UK M4 money supply and Consumer credit, both at 8:30 GMT respectively.
Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.5242 1.5364 1.5500
Technical support levels: 1.5107 1.4985 1.4850
Already made +8 pips profit/loss on GBP/USD today from the following sent to clients only signal:
8:21 GMT+1 Sell GBP/USD at 1.5200 SL 1.5226 TP 1.5140, exit sent at 8:22 GMT+1.
Today so far +92, yesterday +198, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">