Cable Bounces Off Lows Before BoE Meeting
ZIFX com | Sep 03, 2014 03:17AM ET
GBP/USD Open 1.6471 High 1.6616 Low 1.6442 Close 1.6467
On Tuesday Pound/Dollar decreased strongly with 150 pips. The Cable appreciated from 1.6616 to 1.6466 yesterday, in line with the negative money flow sentiment at below -22%, closing the day at 1.6467. Today the British Pound declined, reaching down to 1.6442.
On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the downward channel is intact. First resistance is yesterday's peak at 1.6616. Break above it should extend the bullish movement further towards 1.6740. The nearest support level is today's bottom at 1.6442. Going below it should extend British Pound's reduction further down towards next downward objective 1.6320.
Quotes are moving just below the widened 20 and 50 the EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and declining, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.6616 1.6740 1.6872
Technical support levels: 1.6442 1.6320 1.6187
Already made +6 pips profit/loss on GBP/USD today from the following sent to clients only signal:
7:55 GMT+1 Buy GBP/USD at 1.6477 SL 1.6451 TP 1.6537, exit sent at 7:56 GMT+1.
Today so far +35, yesterday +104, as shown at our web site.
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