Cable Downtrend Seized By Fed's Cautious Stance
Ruben Cabello | Apr 07, 2016 12:51AM ET
GBP/USD Open 1.4125 High 1.4171 Low 1.4003 Close 1.4121
On Wednesday pound/dollar decreased with 130 pips. The Cable depreciated from 1.4171 to 1.4003 yesterday, in line with the negative money flow sentiment at below -3%, closing the day at 1.4121. Today the British pound is trading quietly, with movements at the upper half of yesterday's range for the time being.
On the 1 hour chart wide range trading has formed, while on the 3 hour chart the downward channel is still on hold. First resistance is yesterday's peak at 1.4171. Break above it should extend the bullish movement further towards the 1.4288. The nearest support level is yesterday's bottom at 1.4003. Going below it should extend British pound's reduction further down towards next downward objective 1.3885.
Quotes are moving just below the parallel 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, 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: 1.4171 1.4288 1.4514
Technical support levels: 1.4003 1.3885 1.3760
Yesterday +60 pips gained on GBP/USD from the following signal:
7:25 GMT+1 Sell GBP/USD at 1.4141 SL 1.4167 TP 1.4081, TP reached at 11:50 GMT+1.
Total yesterday +150. Have a great day!
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