Cable May Resume Downtrend After Monday's Adjustment
Lui Andersen | Mar 10, 2015 04:19AM ET
GBP/USD Open 1.5101 High 1.5138 Low 1.5031 Close 1.5123
On Monday pound/dollar increased with 105 pips. The Cable appreciated from 1.5031 to 1.5138 yesterday, in converse with the negative money flow sentiment at below -11%, closing the day at 1.5123. Today the British pound is trading quietly, with movements within yesterday's range for the time being.
On the 1 hour chart new downward channel has emerged, while on the 3 hour chart the downward channel is making renewal attempts. First resistance is yesterday's peak at 1.5138. Break above it should extend the bullish movement further towards 1.5260. The nearest support level is yesterday's bottom at 1.5031. Going below it should extend British Pound's reduction further down towards next downward objective 1.4910.
Quotes are moving just below the closing 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.5138 1.5260 1.5400
Technical support levels: 1.5031 1.4910 1.4777
Already gained +10 pips on GBP/USD today from the following signal:
5:30 GMT Down GBP/USD at 1.5083 Limit 1.5109 Target 1.5023, exit given at 6:25 GMT.
Today so far +78, yesterday +89, as shown at our web site.
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