On Tuesday, the GBP/USD decreased significantly by 160 pips. The Cable depreciated from 1.5724 to 1.5563 yesterday, in line with the negative money flow sentiment at below -19% to close the day at 1.5637. The British Pound is trading quietly today, with movements at the lower half of yesterday's range for now.
The upward channel is on hold on the 1 hour chart, while wide trading range has formed on the 3 hour chart. The first resistance is yesterday's peak at 1.5724. A break above it should extend the bullish movement further towards 1.5850. The nearest support level is yesterday's bottom at 1.5563. Going below it should extend the British pound's reduction further down towards the next downward objective of 1.5438.
Quotes are moving just above the 20 and below the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is neutral and calm. The MACD is negative and tranquil, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5724 1.5850 1.5983
Technical support levels: 1.5563 1.5438 1.5300
Already made +7 pips profit/loss on GBP/USD today from the following sent to clients only signal:
7:34 GMT+1 Buy GBP/USD at 1.5662 SL 1.5627 TP 1.5722, exit sent at 7:48 GMT+1.
Today so far +59, yesterday +53, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">