On Thursday GBP/USD continued slashing with almost 200 pips. The cable depreciated from 1.6253 to 1.6054 yesterday, in line with the negative money flow sentiment at under -16%, closing the day at 1.6101. Today the British pound weakened further, reaching 1.6046.
On the 1-hour chart range trading is forming, while on the 3-hour chart quotes returned into the wide trading scope. First resistance is yesterday's peak at 1.6253. A break above it should extend the bullish movement further towards 1.6253. The nearest support level is today's bottom at 1.6046. Going below it should extend British pound's reduction further down towards next downward objective 1.5922.
Today are UK CIPS services index, M4 money supply, and Consumer credit, all at 9:30 GMT.
Quotes are moving way below the twisted and close 20 and 50 EMA on the 1-hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and calm, MACD is positive and tranquil, while CCI has thinly down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 1.6253 1.6380 1.6514
Technical support levels: 1.6046 1.5922 1.5790GBP/USD Chart" title="GBP/USD Chart">