Cable Renews Uptrend, Lifting Over 1.68
ZIFX com | Apr 17, 2014 03:19AM ET
GBP/USD Open 1.6796 High 1.6838 Low 1.6718 Close 1.6793
On Wednesday Pound/Dollar increased with 105 pips. The Cable appreciated from 1.6718 to 1.6823 yesterday, in line with the positive money flow sentiment at around +17%, closing the day at 1.6793. Today the British Pound climbed further, reaching 1.6838.
On the 1 hour chart the upward channel has resumed, while on the 3 hour quotes are testing the upper limit of the upward channel. First resistance is today's peak at 1.6838. Break above it should extend the bullish movement further towards 1.6960. The nearest support level is yesterday's bottom at 1.6718. Going below it should extend British Pound's reduction further down towards next downward objective 1.6595.
There are no major economic events for UK today.
Quotes are moving above the widened 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.
Technical resistance levels: 1.6838 1.6960 1.7095
Technical support levels: 1.6718 1.6595 1.6460
Already made +2 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.6833 SL 1.6807 TP 1.6893, exit sent at 5:15 GMT+1.
Today so far +25, yesterday +97, as shown at our web site.
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