On Wednesday, the GBP/USD increased insignificantly by 70 pips. The Cable appreciated from 1.5631 to 1.5701, in line with the positive money flow sentiment at almost +22% and closing the day at 1.5673. The British Pound lifted slightly further today, reaching 1.5702.
The upward channel is making renewal attempts on the 1 hour chart, while quotes are breaking up of the wide trading range on the 3 hour chart. The first resistance is today's peak at 1.5702. A break above it should extend the bullish movement further towards 1.5826. The nearest support level is yesterday's bottom at 1.5631. Going below it should extend British Pound's reduction further down towards the next downward objective of 1.5510.
There are no major economic events from the U.K. today.
Quotes are moving below the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is neutral and calm. The MACD is positive and tranquil, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5702 1.5826 1.5960
Technical support levels: 1.5631 1.5510 1.5377
Already made +17 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5682 SL 1.5656 TP 1.5742, exit sent at 7:10 GMT+1.
Today so far +147, yesterday +139, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">