Cable Drops Below 1.49 At Week Start
Lui Andersen | Apr 21, 2015 08:48AM ET
GBP/USD Open 1.4897 High 1.4985 Low 1.4855 Close 1.4902
On Monday pound/dollar decreased with 130 pips. The cable depreciated from 1.4985 to 1.4855 yesterday, in line with the negative money flow sentiment at around -12%, closing the day at 1.4902. 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 range trading has taken shape, while on the 3 hour chart the downward channel is on hold for now. First resistance is yesterday's peak at 1.4985. Break above it should extend the bullish movement further towards the 1.5078. The nearest support level is yesterday's bottom at 1.4855. Going below it should extend British pound's reduction further down towards next downward objective 1.4680.
Quotes are moving above the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bullish and medium term neutral pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.4985 1.5078 1.5210
Technical support levels: 1.4855 1.4680 1.4545
Already gained +41 pips on GBP/USD today from the following signal:
5:30 GMT+1 Down GBP/USD at 1.4895 Limit 1.4921 Target 1.4835, exit given at 7:47 GMT+1.
Today so far +182, yesterday +81, as shown at the website. Have a great day!
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