Investing.com - Financial Markets Worldwide

GBP/USD Weakening Extends Further Down To 1.545

ByZIFX.com
Published 11/25/2011, 03:43 AM
Updated 01/01/2017, 02:20 AM
GBP/USD
-0.06%
GBP/USD Open 1.5473 High 1.5566 Low 1.5446 Close 1.5493


On Thursday Pound/Dollar continued decreasing, with nearly 100 pips. The Cable depreciated from 1.5566 to 1.5469 yesterday, in line with the negative Interbank sentiment at almost -25%, closing the day at 1.5522. Today the British Pound weakened even further, dropping down to 1.5446. On the 1 hour chart the downward channel looks good, while on the 3 hour chart new downward channel has emerged. First resistance is yesterday's peak at 1.5566. Break above it should extend the bullish movement further towards 1.5700. The nearest support level is yesterday's bottom at 1.5446. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5446. There are no major economic events for UK today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.5566 1.5700 1.5831
Technical support levels: 1.5446 1.5320 1.5188

Trading range: 1.5495 - 1.5425
Trend: Downward
Sell at 1.5485 SL 1.5515 TP 1.5435


Already made +12 pips profit on GBP/USD today from the following sent to clients only signal:
8:16 GMT Sell GBP/USD at 1.5485 SL 1.5511 TP 1.5425, exit sent at 8:32 GMT+1.
Today so far +62, yesterday +89, as shown in details at our web site.

ZIFX.com <span class=GBP/USD Chart">

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