Cable Remains Weak Ahead Of BoE Rates And QE
Lui Andersen | Mar 05, 2015 03:47AM ET
GBP/USD Open 1.5261 High 1.5373 Low 1.5223 Close 1.5259
On Wednesday Pound/Dollar decreased with 120 pips. The Cable depreciated from 1.5373 to 1.5250 yesterday, in line with the negative money flow sentiment at around -19%, closing the day at 1.5259. Today the British Pound declined further, dropping down to 1.5223.
On the 1 hour chart the upward channel vanishing, while on the 3 hour chart the downward channel is making renewal attempts. First resistance is yesterday's peak at 1.5373. Break above it should extend the bullish movement further towards 1.5500. The nearest support level is today's bottom at 1.5244. Going below it should extend British Pound's reduction further down towards next downward objective 1.5110.
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 negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.5373 1.5500 1.5633
Technical support levels: 1.5244 1.5110 1.4977
Already gained +28 pips on GBP/USD today from the following signal:
5:30 GMT Down GBP/USD at 1.5252 Limit 1.5278 Target 1.5192, exit given at 6:33 GMT.
Today so far +98, yesterday +137, as shown at the website.
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