Cable Remains Low And In Narrow Scope
ZIFX com | Aug 27, 2014 03:23AM ET
GBP/USD Open 1.6544 High 1.6596 Low 1.6535 Close 1.6538
On Tuesday GBP/USD decreased with almost 60 pips. The Cable depreciated from 1.6596 to 1.6537 yesterday, in line with the negative money flow sentiment at below -11%, closing the day at 1.6538. Today the pound descended slightly further, reaching 1.6535, than bounced.
On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the downward channel looks good. First resistance is yesterday's peak at 1.6596. Break above it should extend the bullish movement further towards 1.6720. The nearest support level is today's bottom at 1.6535. Going below it should extend the pound's reduction further down towards next downward objective 1.6410.
Quotes have just crossed up the 20 and 50 the EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.6596 1.6720 1.6855
Technical support levels: 1.6535 1.6410 1.6277
Already made +10 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.6554 SL 1.6580 TP 1.6494, exit sent at 6:46 GMT+1.
Today so far +36 pips, yesterday +65 pips.
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