Cable Stalls After Wall Street Slips, PPI Data Ahead
Lui Andersen | Mar 25, 2015 04:48AM ET
GBP/USD Open 1.4832 High 1.4966 Low 1.4829 Close 1.4842
On Tuesday pound/dollar decreased with 135 pips. The cable depreciated from 1.4966 to 1.4829 yesterday, in line with the negative money flow sentiment at under -8%, closing the day at 1.4842. Today the British pound is trading quietly, with movements at the lower half of yesterday's range for the time being.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. First resistance is yesterday's peak at 1.4966. Break above it should extend the bullish movement further towards 1.5090. The nearest support level is yesterday's bottom at 1.4829. Going below it should extend British Pound's reduction further down towards next downward objective 1.4705.
Quotes are moving in line with the 20 and below the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is thinly positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.4966 1.5090 1.5224
Technical support levels: 1.4829 1.4705 1.4570
Already gained +18 pips on GBP/USD today from the following signal:
7:54 GMT Up GBP/USD at 1.4879 Limit 1.4853 Target 1.4939, exit given at 8:11 GMT.
Today so far +93, yesterday +179, as shown at the website.
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