Cable Calms, British PM Implores Scots To Stay
ZIFX com | Sep 10, 2014 03:24AM ET
GBP/USD Open 1.6106 High 1.6158 Low 1.6058 Close 1.6104
On Tuesday GBP/USD traded within 100 pip range. The Cable depreciated from 1.6158 to 1.6058 yesterday, in line with the negative money flow sentiment at nearly -18%, closing the day at 1.6467. Today the British pound is trading quietly, with movements at the upper end of yesterday's range for the time being.
On the 1 hour chart the downward channel is intact, while on the 3 hour chart the downward channel fastens pace. First resistance is yesterday's peak at 1.6158. Break above it should extend the bullish movement further towards 1.6280. The nearest support level is yesterday's bottom at 1.6058. Going below it should extend British Pound's reduction further down towards next downward objective 1.5935.
Quotes are moving above the 20 and just below the 50 the 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 hesitant, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.6158 1.6280 1.6414
Technical support levels: 1.6058 1.5935 1.5800
Already made +13 pips profit/loss on GBP/USD today from the following signal:
7:32 GMT+1 Sell GBP/USD at 1.6141 SL 1.6167 TP 1.6081, exit given at 8:18 GMT+1.
Today so far +70, yesterday +50 pips
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