Cable Slips On Fed Rate Hike Expectations
ZIFX com | Aug 21, 2014 03:20AM ET
Open 1.6594
High 1.6690
Low 1.6562
Close 1.6593
On Wednesday the GBP/USD decreased with 100 pips. The Cable depreciated from 1.6690 to 1.6589 yesterday, in line with the negative money flow sentiment at under -19%, closing the day at 1.6593. Today the British pound declined slightly further down to 1.6562.
On the 1 hour chart the downward channel is intact, while on the 3 hour chart quotes broke down of the trading range. First resistance is yesterday's peak at 1.6690. Break above it should extend the bullish movement further towards 1.6812. The nearest support level is today's bottom at 1.6562. Going below it should extend British pound's reduction further down towards next downward objective 1.6440.
Quotes are moving just below the 20 and 50 the EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6690 1.6812 1.6946
Technical support levels: 1.6562 1.6440 1.6305
Already made +2 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.6568 SL 1.6594 TP 1.6508, exit sent at 5:18 GMT+1.
Today so far +13, yesterday +127, as shown at our web site.
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