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Cable Commences Slow, But Steady Recovery

Published 03/26/2014, 04:30 AM
Updated 07/09/2023, 06:32 AM
GBP/USD
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GBP/USD Open 1.6530 High 1.6558 Low 1.6479 Close 1.6527

On Tuesday, Pound/Dollar increased with 70 pips. The Cable appreciated from 1.6479 to 1.6550 yesterday, in line with the positive money flow sentiment at over +18%, closing the day at 1.6527. Today the British Pound lifted slightly further, reaching 1.6558.

On the 1 hour chart range trading is taking shape, while on the 3 hour chart the upward channel is turning into range trading. First resistance is yesterday's peak at 1.6558. Break above it should extend the bullish movement further towards 1.6680. The nearest support level is yesterday's bottom at 1.6479. Going below it should extend British Pound's reduction further down towards next downward objective 1.6355.

There are no major economic events for UK today.

Quotes are moving above the 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.6558 1.6680 1.6815
Technical support levels: 1.6479 1.6355 1.6220

Already made +22 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT Sell GBP/USD at 1.6530 SL 1.6556 TP 1.6470, exit sent at 7:30 GMT.
Today so far +50, yesterday +94, as shown at our web site.


GBP/USD Chart

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