On Monday Pound/Dollar traded within a 70 pip range. The Cable depreciated from 1.5157 to 1.5085 yesterday, in line with the negative money flow sentiment below -11%, closing the day at 1.5094. The British Pound weakened further today, reaching 1.5062.
The downward channel has slowed down on the 1 hour chart, while wide range trading has formed on the 3 hour chart. First resistance is yesterday's peak at 1.5157. Breaking above it should extend the bullish movement further towards 1.5280. The nearest support level is today's bottom at 1.5062. Going below it should extend the British pound's reduction further down towards the next downward objective of 1.4938.
There are no major economic events for the U.K. today.
Quotes are moving in line with the 20 and just below the 50 EMA on the 1 hour chart, indicating short term neutral and medium term slim bearish pressure. The value of the RSI indicator is neutral and calm. The MACD is thinly positive and tranquil, while the CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5157 1.5280 1.5412
Technical support levels: 1.5062 1.4938 1.4800
Already made +12 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5102 SL 1.5128 TP 1.5042, exit sent at 8:25 GMT+1.
Today so far +115, yesterday +129, as shown at our web site.
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GBP/USD Unstable, Sliding Below 1.51
Published 05/28/2013, 03:33 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Unstable, Sliding Below 1.51
GBP/USD Open 1.5105 High 1.5157 Low 1.5062 Close 1.5094
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