On Tuesday GBP/USD traded within almost 70 pip range. The cable appreciated from 1.6032 to 1.6101 yesterday, in line with the neutral money flow sentiment at under -7%, closing the day at 1.6061. Today the British pound resumed the downtrend, declining to 1.6018.
On the 1-hour chart quotes are moving at the lower end of the trading range, while on the 3-hour chart quotes have returned into the wide trading scope. First resistance is yesterday's peak at 1.6101. A break above it should extend the bullish movement further towards 1.6224. The nearest support level is today's bottom at 1.6018. Going below it should extend British pound's reduction further down towards next downward objective 1.5895.
There are no major economic events for UK today.
Quotes are moving just below the close 20 and 50 EMA on the 1-hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 1.6101 1.6224 1.6360
Technical support levels: 1.6018 1.5895 1.5760
GBP/USD Chart" title="GBP/USD Chart">