On Monday, the GBP/USD increased with almost 120 pips. The Cable appreciated from 1.5163 to 1.5282 yesterday, in line with the positive money flow sentiment at above +14% and closing the day at 1.5246. The British Pound is trading quietly today, with movements at the upper half of yesterday's range for now.
The new downward channel is on hold on the 1 hour chart, while wide range trading has formed on the 3 hour chart. First resistance is yesterday's peak at 1.5282. A break above it should extend the bullish movement further towards 1.5405. The nearest support level is yesterday's bottom at 1.5163. Going below it should extend British Pound's reduction further down towards the next downward objective of 1.5037.
data focus for today: U.K. HICP, Retail prices and PPI - all at 8:30 GMT.
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 neutral and calm. The MACD is positive and inclining upwards, while the CCI has crossed down the 100 line on the 1 hour chart, giving over allneutral signals.
Technical resistance levels: 1.5282 1.5405 1.5540
Technical support levels: 1.5163 1.5037 1.4900
Already made +14 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5249 SL 1.5223 TP 1.5309, exit sent at 7:07 GMT+1.
Today so far +55, yesterday +64, as shown at our web site.
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GBP/USD Ceases Weakening, Holding Above 1.52
Published 05/21/2013, 03:29 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Ceases Weakening, Holding Above 1.52
GBP/USD Open 1.5266 High 1.5282 Low 1.5163 Close 1.5246
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