On Wednesday GBP/USD decreased with 85 pips. The cable depreciated from 1.6076 to 1.5991 yesterday, in line with the negative money flow sentiment at below -19%, closing the day at 1.6019. Today the British pound is trading quietly, with movements at the lower end of yesterday's range for the time being.
On the 1-hour chart range trading has formed, while on the 3-hour chart quotes returned into the wide trading scope. First resistance is yesterday's peak at 1.6076. Break above it should extend the bullish movement further towards 1.6200. The nearest support level is yesterday's bottom at 1.5991. Going below it should extend British pound's reduction further down towards next downward objective 1.5870.
Today are UK BoE meeting announcement and QE, both at 12 GMT.
Quotes are moving just below the twisted 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 declining, while CCI has thinly crossed down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 1.6076 1.6200 1.6334
Technical support levels: 1.5991 1.5870 1.5740
GBP/USD Chart" title="GBP/USD Chart">
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GBP/USD Soft And Quiet Ahead Of BoE
Published 01/10/2013, 03:37 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Soft And Quiet Ahead Of BoE
GBP/USD Open 1.6012 High 1.6076 Low 1.5991 Close 1.6019
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