On Tuesday GBP/USD decreased with almost 100 pips. The cable depreciated from 1.6125 to 1.6027 yesterday, in line with the negative money flow sentiment at almost -21%, closing the day at 1.6052. Today the British pound is trading quietly, with movements at the lower end of yesterday's range for the time being.
On the 1-hour chart range trading has formed, while on the 3-hour chart quotes returned into the wide trading scope. First resistance is yesterday's peak at 1.6125. Break above it should extend the bullish movement further towards 1.6252. The nearest support level is yesterday's bottom at 1.6027. Going below it should extend British pound's reduction further down towards next downward objective 1.5900.
Today are UK Trade in goods and Non EU trade, both at 9:30 GMT.
Quotes are moving just below the twisted 20 and 50 EMA on the 1-hour chart, indicating bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and quiet too, while CCI has thinly crossed down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 1.6125 1.6252 1.6385
Technical support levels: 1.6027 1.5900 1.5764
GBP/USD Chart" title="GBP/USD Chart">
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GBP/USD Consolidates Around 1.605, BoE Eyed
Published 01/09/2013, 03:34 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Consolidates Around 1.605, BoE Eyed
GBP/USD Open 1.6058 High 1.6125 Low 1.6027 Close 1.6052
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