On Tuesday GBP/USD decreased significantly with 200 pips, in converse with the positive Interbank sentiment at over +32%. The Cable depreciated from 1.6093 to 1.5888 yesterday, closing the day at 1.5945. Today the British Pound is trading quietly, with movements at the lower end of yesterday's range for the time being. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday's peak at 1.6093. Break above it should extend the bullish movement further towards 1.6220. The nearest support level is yesterday's bottom at 1.5888. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5767. There are no major economic events for UK today. Quotes are moving above the 20 and just bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term slim bearish pressure. The value of the RSI indicator is positive and rising, 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: 1.6093 1.6220 1.6354
Technical support levels: 1.5888 1.5767 1.5630
Trading range: 1.5990 - 1.6065
Trend: Upward
Buy at 1.6004 SL 1.5974 TP 1.6054
Already made +16 pips profit on GBP/USD today from the following sent to clients only signal:
5:24 GMT Sell GBP/USD at 1.5984 SL 1.6010 TP 1.5924, exit sent at 7:03 GMT+1.
Today so far +95, yesterday +174, as shown in details at our web site.
GBP/USD Chart">