Cable Lifts On Upbeat CBI Retail Sales
Lui Andersen | Feb 24, 2015 03:33AM ET
GBP/USD Open 1.5450 High 1.5475 Low 1.5331 Close 1.5452
On Monday GBP/USD increased with 140 pips. The Cable appreciated from 1.5331 to 1.5475 yesterday, in line with the positive money flow sentiment at above +15%, closing the day at 1.5452. Today the British Pound is trading quietly, with movements at the upper end of yesterday's range for the time being.
On the 1 hour chart the new upward channel is slowing down, while on the 3 hour chart the downward channel is turning into range trading. First resistance is yesterday's peak at 1.5475. Break above it should extend the bullish movement further towards 1.5600. The nearest support level is yesterday's bottom at 1.5331. Going below it should extend British Pound's reduction further down towards next downward objective 1.5210.
Quotes are moving just above the crossing and widened 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and inclining upwards, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.5475 1.5600 1.5736
Technical support levels: 1.5331 1.5210 1.5077
Already gained +11 pips on GBP/USD today from the following signal:
5:30 GMT Down GBP/USD at 1.5442 Limit 1.5468 Target 1.5382, exit given at 6:10 GMT.
Today so far +100, yesterday +173, as shown at our web site.
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