Cable Slides To 1.655 Ahead Of Yellen's Debut
ZIFX com | Mar 19, 2014 04:28AM ET
GBP/USD Open 1.6594
High 1.6648
Low 1.6544
Close 1.6589
On Tuesday the GBP/USD decreased with 65 pips. The Cable depreciated from 1.6648 to 1.6544 yesterday, in line with the negative money flow sentiment at around -18%, closing the day at 1.6589. Today the British pound is trading quietly, with movements within yesterday's range for the time being.
On the 1 hour chart the upward channel has turned into narrow range trading, while on the 3 hour chart the upward channel is still on hold. First resistance is yesterday's peak at 1.6648. Break above it should extend the bullish movement further towards 1.6770. The nearest support level is today's bottom at 1.6544. Going below it should extend British pound's reduction further down towards next downward objective 1.6420.
Today are UK Average earnings, Claimant count, and ILO Unemployment rate, all at 9:30 GMT.
Quotes are moving above the 20 and in line with the 50 the EMA on the 1 hour chart, indicating short term bullish and medium term neutral pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.6648 1.6770 1.6900
Technical support levels: 1.6544 1.6420 1.6288
Already made +23 pips profit/loss on GBP/USD today from the following sent to clients only signal:
8:03 GMT Sell GBP/USD at 1.6623 SL 1.6649 TP 1.6563, exit sent at 8:08 GMT.
Today so far +50, yesterday +96.
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