On Tuesday, the GBP/USD decreased by110 pips. The Cable depreciated from 1.5136 to 1.5023 yesterday, in line with the negative money flow sentiment at almost -19% and closing the day at 1.5027. The British Pound weakened further today, reaching 1.5007.
The downward channel is attempting renewal on the 1 hour chart, while wide range trading has formed on the 3 hour chart. First resistance is yesterday's peak at 1.5136. A break above it should extend the bullish movement further towards 1.5260. The nearest support level is today's bottom at 1.5007. Going below it should extend the British pound's reduction further down towards the next downward objective of 1.4887.
Today is the UK CBI at 10 GMT.
Quotes are moving above the 20 and below the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is neutral and inclining upwards. The MACD is positive and tranquil, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5136 1.5260 1.5400
Technical support levels: 1.5007 1.4887 1.4750
Already made +21 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5028 SL 1.5054 TP 1.4968, exit sent at 6:43 GMT+1.
Today so far +93, yesterday +143, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">