Cable Descends After BoE Disappoints
ZIFX com | Apr 24, 2014 03:16AM ET
Open 1.6777
High 1.6837
Low 1.6760
Close 1.6778
On Wednesday Pound/Dollar decreased with 75 pips. The Cable depreciated from 1.6837 to 1.6760 yesterday, in converse with the positive money flow sentiment at nearly +8%, closing the day at 1.6778. 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 the upward channel has renewed, while on the 3 hour chart quotes are still testing the upper limit of the upward channel. First resistance is yesterday's peak at 1.6837. Break above it should extend the bullish movement further towards 1.6960. The nearest support level is yesterday's bottom at 1.6760. Going below it should extend British Pound's reduction further down towards next downward objective 1.6635.
Today are UK CBI trade, and Gfk consumer confidence, at 10 and 23:05 GMT respectively.
Quotes are moving above the crossing and widened 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.6837 1.6960 1.7092
Technical support levels: 1.6760 1.6635 1.6500
Already made +18 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.6789 SL 1.6763 TP 1.6849, exit sent at 8:05 GMT+1.
Today so far +30, yesterday +138.
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