On Friday Pound/Dollar decreased with 125 pips. The Cable depreciated from 1.5281 to 1.5156 on Friday, in line with the negative money flow sentiment at almost -28%, closing the week at 1.5165. 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 is forming, while on the 3 hour chart the new upward channel has turned into range trading. First resistance is Friday's peak at 1.5281. Break above it should extend the bullish movement further towards 1.5405. The nearest support level is Friday's bottom at 1.5156. Going below it should extend British Pound's reduction further down towards next downward objective 1.5033.
There are no major economic events for UK today.
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 calm, MACD is negative and tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral to light short signals.
Technical resistance levels: 1.5281 1.5405 1.5540
Technical support levels: 1.5156 1.5033 1.4900
Already made +7 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5193 SL 1.5219 TP 1.5133, exit sent at 5:16 GMT+1.
Today so far +40, on Friday +156, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">