Cable Remains Firm As Greek Storm Brews
Lui Andersen | Jun 16, 2015 08:09AM ET
GBP/USD Open 1.5597 High 1.5642 Low 1.5486 Close 1.5598
On Monday, pound/dollar increased with 130 pips. The cable appreciated from 1.5486 to 1.5615 yesterday, in line with the positive money flow sentiment at over +12%, closing the day at 1.5598. Today, the British pound ascended further, climbing to 1.5642.
On the 1 hour chart, range trading has formed, while on the 3 hour chart, the upward channel is making renewal attempts. First resistance is yesterday's peak at 1.5642. Break above it should extend the bullish movement further towards the 1.5765. The nearest support level is today's bottom at 1.5486. Going below it should extend British pound's reduction further down towards next downward objective 1.5364.
Quotes are moving above the parallel 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.5642 1.5765 1.5900
Technical support levels: 1.5486 1.5364 1.5230
Today +24 pips gained on EUR/USD from the following signal:
5:30 GMT+1 Up GBP/USD at 1.5609 Limit 1.5583 Target 1.5669, exit given at 8:10 GMT+1.
Today so far +122, total yesterday +121, as shown at the website. Have a great day!
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