Cable Holds Gains Over 1.71
ZIFX com | Jul 08, 2014 03:14AM ET
Open 1.7132
High 1.7173
Low 1.7107
Close 1.7125
On Monday the GBP/USD decreased with 65 pips. The Cable depreciated from 1.7173 to 1.7107 yesterday, in line with the negative money flow sentiment at under -14%, closing the day at 1.7125. 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 upward channel is on hold, while on the 3 hour chart the upward channel is intact. First resistance is yesterday's peak at 1.7173. Break above it should extend the bullish movement further towards 1.7300. The nearest support level is yesterday's bottom at 1.7107. Going below it should extend British pound's reduction further down towards next downward objective 1.6980.
Quotes are moving just above the 20 and below the 50 the EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is thinly positive and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.7173 1.7300 1.7433
Technical support levels: 1.7107 1.6980 1.6846
Already made +7 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.7131 SL 1.7157 TP 1.7071, exit sent at 5:24 GMT+1.
Today so far +19, yesterday +48.
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