On Friday Pound/Dollar continued decreasing with 115 pips. The Cable depreciated from 1.5279 to 1.5164 on Friday, in line with the negative money flow sentiment at under -26%, closing the week at 1.5208. Today the British Pound is trading quietly, with movements at the lower half of Friday's range for the time being.
On the 1 hour chart new downward channel has formed, while on the 3 hour chart quotes are moving within wide trading scope. First resistance is Friday's peak at 1.5279. Break above it should extend the bullish movement further towards 1.5400. The nearest support level is Friday's bottom at 1.5164. Going below it should extend British Pound's reduction further down towards next downward objective 1.5038.
Today are UK PMI, M4 money supply, and Consumer credit, all at 8:30 GMT.
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 hesitant, MACD is negative and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5279 1.5400 1.5533
Technical support levels: 1.5164 1.5038 1.4900
Already made +17 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5219 SL 1.5245 TP 1.5159, exit sent at 8:10 GMT+1.
Today so far +80, on Friday +140, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">