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GBP/USD Breaks Down 1.53 And Consolidates Just Over It

ByZIFX.com
Published 05/14/2013, 03:32 AM
Updated 01/01/2017, 02:20 AM
GBP/USD
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GBP/USD Open 1.5297 High 1.5386 Low 1.5276 Close 1.5294

On Monday, the GBP/USD continued decreasing with 110 pips. The Cable depreciated from 1.5386 to 1.5276 yesterday, in line with the negative money flow sentiment at under -26%, closing the day at 1.5294. The British Pound is trading quietly today, with movements at the lower half of yesterday's range for the time being.

The upward channel has turned into trading range on the 1 hour chart, while a new upward channel is emerging on the 3 hour chart. First resistance is yesterday's peak at 1.5386. Breaking above it should extend the bullish movement further towards 1.5510. The nearest support level is yesterday's bottom at 1.5276. Going below it should extend British Pound's reduction further down towards the next downward objective of 1.5155.

There are no major economic events for the U.K. today.

Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm. MACD is negative and tranquil too, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.5386 1.5510 1.5643
Technical support levels: 1.5276 1.5155 1.5020

Already made +9 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5318 SL 1.5292 TP 1.5378, exit sent at 6:49 GMT+1.
Today so far +80, yesterday +108, as shown at our web site.


<span class=GBP/USD Chart" title="GBP/USD Chart">

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