Cable Breaks Below 1.69 On Upbeat US GDP
ZIFX com | Jul 31, 2014 03:12AM ET
Open 1.69084
High 1.6956
Low 1.6888
Close 1.6910
On Wednesday the GBP/USD continued decreasing with 65 pips. The Cable depreciated from 1.6956 to 1.6888 yesterday, in line with the negative money flow sentiment at around -19%, closing the day at 1.6910. Today the British pound is trading quietly, with movements at the lower half of yesterday's range for the time being.
On the 1 hour chart quotes are breaking down of the trading range, while on the 3 hour chart the upward channel is still on hold. First resistance is yesterday's peak at 1.6956. Break above it should extend the bullish movement further towards 1.7080. The nearest support level is yesterday's bottom at 1.6888. Going below it should extend British pound's reduction further down towards next downward objective 1.6764.
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 hesitant, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6956 1.7080 1.7212
Technical support levels: 1.6888 1.6764 1.6630
Already made +18 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.6921 SL 1.6947 TP 1.6861, exit sent at 8:08 GMT+1.
Today so far +52, yesterday +190.
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