Cable Remains Strong, Asia Shares Up On China Trade Relief
Ruben Cabello | Apr 13, 2016 12:53AM ET
GBP/USD Open 1.4263 High 1.4348 Low 1.4196 Close 1.4254
On Tuesday pound/dollar decreased with 150 pips. The cable depreciated from 1.4348 to 1.4196 yesterday, in converse with the positive money flow sentiment at nearly +3%, closing the day at 1.4254. Today the British pound is trading quietly, with movements within yesterday's range for the time being.
On the 1-hour chart wide range trading has formed, while on the 3-hour chart the downward channel is turning into scope trading. First resistance is yesterday's peak at 1.4348. Break above it should extend the bullish movement further towards the 1.4464. The nearest support level is yesterday's bottom at 1.4196. Going below it should extend British pound's reduction further down towards next downward objective 1.4080.
Quotes are moving just above the parallel 20 and 50 EMA on the 1-hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has thinly crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 1.4348 1.4464 1.4600
Technical support levels: 1.4196 1.4080 1.3958
Yesterday +60 pips gained on GBP/USD from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.4244 SL 1.4218 TP 1.4304, TP reached at 9:32 GMT+1.
Total yesterday +166, as shown at our web site.
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