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GBP/USD Tumbles Down Towards 1.5

ByZIFX.com
Published 05/23/2013, 03:30 AM
Updated 01/01/2017, 02:20 AM
GBP/USD
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GBP/USD Open 1.5041 High 1.5175 Low 1.5012 Close 1.5043

On Wednesday, the GBP/USD continued decreasing significantly by 150 pips. The Cable depreciated from 1.5175 to 1.5026 yesterday, in line with the negative money flow sentiment at almost -26% and closing the day at 1.5043. The British Pound descended slightly further today, reaching 1.5012.
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 1.5175. Breaking above it should extend the bullish movement further towards 1.5300. The nearest support level is today's bottom at 1.5012. Going below it should extend the British Pound's reduction further down towards the next downward objective of 1.4890.

Data due today:U.K. GDP Q1 at 8:30 GMT.

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 thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5175 1.5300 1.5434
Technical support levels: 1.5012 1.4890 1.4755

Already made +19 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:17 GMT+1 Sell GBP/USD at 1.5043 SL 1.5069 TP 1.4983, exit sent at 7:26 GMT+1.
Today so far +120, yesterday +177, as shown at our web site.


<span class=GBP/USD Chart" title="GBP/USD Chart">

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