On Monday, the GBP/USD traded within the 70 pip range. The Cable depreciated from 1.5752 to 1.5679 yesterday, in line with the negative money flow sentiment at around -7% to close the day at 1.5716. The British Pound lost further ground today, dropping to 1.5661.
The upward channel has slowed down on the 1 hour chart, while a new upward channel has formed on the 3 hour chart. The first resistance is yesterday's peak at 1.5752. A break above it should extend the bullish movement further towards 1.5875. The nearest support level is today's bottom at 1.5661. Going below it should extend British Pound's reduction further down towards the next downward objective of 1.5538.
Data for today: U.K. CPI, PPI and Retail prices, all at 8:30 GMT.
Quotes are moving below the even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining. The MACD is positive and tranquil. The CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5752 1.5875 1.6010
Technical support levels: 1.5661 1.5538 1.5400
Already made +16 pips profit/loss on GBP/USD today from the following sent to clients only signal:
7:15 GMT+1 Sell GBP/USD at 1.5677 SL 1.5703 TP 1.5617, exit sent at 8:06 GMT+1.
Today so far +53, yesterday +82, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">
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GBP/USD Still Stable, But Vulnerable Below 1.57
Published 06/18/2013, 03:14 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Still Stable, But Vulnerable Below 1.57
GBP/USD Open 1.5715 High 1.5752 Low 1.5661 Close 1.5716
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