Cable Firm Above 1.705 Ahead Of BoE Minutes
ZIFX com | Jul 23, 2014 03:20AM ET
GBP/USD Open 1.7065 High 1.7084 Low 1.7041 Close 1.7062
On Tuesday Pound/Dollar decreased with 40 pips. The Cable depreciated from 1.7084 to 1.7041 yesterday, in line with the negative money flow sentiment at around -10%, closing the day at 1.7062. 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 the upward channel is on hold, while on the 3 hour chart the upward channel has slowed down. First resistance is yesterday's peak at 1.7084. Break above it should extend the bullish movement further towards 1.7210. The nearest support level is yesterday's bottom at 1.7041. Going below it should extend British Pound's reduction further down towards next downward objective 1.6920.
Quotes are moving just below the 20 and in line with the 50 the EMA on the 1 hour chart, indicating short term slim bearish and medium term neutral pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.7084 1.7210 1.7344
Technical support levels: 1.7041 1.6920 1.6787
Already made +15 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:16 GMT+1 Sell GBP/USD at 1.7073 SL 1.7099 TP 1.7013, exit sent at 7:37 GMT+1.
Today so far +26, yesterday +143, as shown at our web site.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.