Cable Below 1.54 Ahead Of BoE, India Cuts Rates
Lui Andersen | Mar 04, 2015 03:36AM ET
GBP/USD Open 1.5365 High 1.5398 Low 1.5338 Close 1.5355
On Tuesday Pound/Dollar decreased with 65 pips. The Cable depreciated from 1.5398 to 1.5343 yesterday, in line with the negative money flow sentiment at almost -10%, closing the day at 1.5355. Today the British Pound climbed descended slightly further, reaching 1.5338.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the downward channel has turned into range trading. First resistance is yesterday's peak at 1.5398. Break above it should extend the bullish movement further towards 1.5520. The nearest support level is today's bottom at 1.5338. Going below it should extend British Pound's reduction further down towards next downward objective 1.5215.
Quotes are moving in line with the 20 and below the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5398 1.5520 1.5653
Technical support levels: 1.5338 1.5215 1.5080
Already gained +9 pips on GBP/USD today from the following signal:
5:30 GMT Down GBP/USD at 1.5350 Limit 1.5376 Target 1.5290, exit given at 6:50 GMT.
Today so far +37, yesterday +154, as shown at the web site.
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