Cable Hangs On Disappointing Manufacturing Data
ZIFX com | Apr 02, 2014 03:29AM ET
GBP/USD
Open 1.6630
High 1.6677
Low 1.6617
Close 1.6627
On Tuesday the GBP/USD decreased with 60 pips. The Cable depreciated from 1.6677 to 1.6617 yesterday, in converse with the positive money flow sentiment at almost +11%, closing the day at 1.6627. 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 scope trading is forming, while on the 3 hour chart the upward channel is turning into range trading. First resistance is yesterday's peak at 1.6677. Break above it should extend the bullish movement further towards 1.6800. The nearest support level is yesterday's bottom at 1.6617. Going below it should extend British pound's reduction further down towards next downward objective 1.6495.
Today is UK PMI, at 8:30 GMT.
Quotes are moving above the 20 and in line with the 50 the EMA on the 1 hour chart, indicating short term bullish and medium term neutral pressure. The value of the RSI indicator is neutral and calm, 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: 1.6677 1.6800 1.6933
Technical support levels: 1.6617 1.6495 1.6360
Already made +4 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.6628 SL 1.6654 TP 1.6568, exit sent at 5:30 GMT+1.
Today so far +37, yesterday +102, as shown at our web site.
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