On Tuesday, the GBP/USD decreased significantly by 160 pips. The Cable depreciated from 1.5272 to 1.5111 yesterday, in line with the negative money flow sentiment at under -17% and closing the day at 1.5144. The British Pound is trading quietly this morning, with movements at the lower end of yesterday's range for the time being.
The downward channel has resumed on the 1 hour chart, while wide range trading has formed on the 3 hour chart. First resistance is yesterday's peak at 1.5272. A break above it should extend the bullish movement further towards 1.5400. The nearest support level is yesterday's bottom at 1.5111. Going below it should extend the British pound's reduction further down towards next downward objective of 1.4990.
Data for today: U.K. BoE meeting minutes, Retail Sales and CBI Industrial Trends Survey, at 8:30 and 10 GMT respectively.
Quotes are moving below the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm. MACD is negative and tranquil too, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5272 1.5400 1.5533
Technical support levels: 1.5111 1.4990 1.4854
Already made +11 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5148 SL 1.5174 TP 1.5088, exit sent at 6:39 GMT+1.
Today so far +77, yesterday +136, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">
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GBP/USD Slips Further, Approaching 1.51
Published 05/22/2013, 03:32 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Slips Further, Approaching 1.51
GBP/USD Open 1.5155 High 1.5272 Low 1.5111 Close 1.5144
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