On Monday, the GBP/USD increased by 90 pips. The Cable appreciated from 1.5493 to 1.5587 yesterday, inline with the positive money flow sentiment at almost +19% and closing the day at 1.5568. The British Pound pushed further up today, reaching 1.5603.
The upward channel is on hold on the 1 hour chart, while quotes are moving within wide trading range on the 3 hour chart. The first resistance is today's peak at 1.5603. A break above it should extend the bullish movement further towards 1.5727. The nearest support level is yesterday's bottom at 1.5493. Going below it should extend the British pound's reduction further down towards the next downward objective of 1.5370.
Data due today: U.K. Industrial and Manufacturing production, both at 8:30 GMT.
Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm. The MACD is positive and tranquil too. The CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5603 1.5727 1.5860
Technical support levels: 1.5493 1.5370 1.5236
Already made +7 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5582 SL 1.5556 TP 1.5642, exit sent at 5:31 GMT+1.
Today so far +49, yesterday +133, as shown at our web site.
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