Cable Remains Low Ahead Of Even Expected GDP
Lui Andersen | Mar 31, 2015 03:46AM ET
GBP/USD Open 1.4806 High 1.4902 Low 1.4753 Close 1.4797
On Monday Pound/Dollar decreased significantly with 150 pips. The Cable depreciated from 1.4902 to 1.4753 yesterday, in line with the negative money flow sentiment at nearly -15%, closing the day at 1.4797. Today the British Pound is trading quietly, with movements at the lower end of yesterday's range for the time being.
On the 1 hour chart the downward channel is trying to resume, while on the 3 hour chart the downward channel is still on hold. First resistance is yesterday's peak at 1.4902. Break above it should extend the bullish movement further towards 1.5025. The nearest support level is yesterday's bottom at 1.4753. Going below it should extend British Pound's reduction further down towards next downward objective 1.4630.
Quotes are moving below the widened 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is thinly negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.4902 1.5025 1.5160
Technical support levels: 1.4753 1.4630 1.4500
Already gained +19 pips on GBP/USD today from the following signal:
5:30 GMT+1 Down GBP/USD at 1.4781 Limit 1.4807 Target 1.4721, exit given at 8:09 GMT+1.
Today so far +112, yesterday +198, as shown at the website.
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