Cable Descends Below 1.7
ZIFX com | Jul 29, 2014 03:21AM ET
Open 1.6983
High 1.7001
Low 1.6966
Close 1.6980
On Monday the GBP/USD increased insignificantly with 30 pips. The Cable appreciated from 1.6971 to 1.7001 yesterday, in converse with the negative money flow sentiment at around -11%, closing the day at 1.6980. Today the British pound made a slight descent, reaching down to 1.6966.
On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.7001. Break above it should extend the bullish movement further towards 1.7125. The nearest support level is today's bottom at 1.6966. Going below it should extend British Pound's reduction further down towards next downward objective 1.6840.
Quotes are moving just below the close 20 and 50 the EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.7001 1.7125 1.7260
Technical support levels: 1.6966 1.6840 1.6700
Already made +10 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.6976 SL 1.7002 TP 1.6916, exit sent at 5:25 GMT+1.
Today so far +28, yesterday +21,.
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