On Wednesday Pound/Dollar increased strongly with 175 pips. The Cable appreciated from 1.5128 to 1.5305 yesterday, in line with the positive money flow sentiment at above +18%, closing the day at 1.5273. Today the British Pound is trading quietly, with movements at the upper end of yesterday's range for the time being.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart quotes are moving within wide trading scope. First resistance is yesterday's peak at 1.5305. Break above it should extend the bullish movement further towards 1.5430. The nearest support level is today's bottom at 1.5128. Going below it should extend British Pound's reduction further down towards next downward objective 1.5005.
Today are UK BoE interest rate decision and asset purchases, both at 11 GMT.
Quotes are moving below the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is neutral and inclining upwards, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5305 1.5430 1.5564
Technical support levels: 1.5128 1.5005 1.4870
Already made +19 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5256 SL 1.5282 TP 1.5196, exit sent at 8:02 GMT+1.
Today so far +49, yesterday +100, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">