Cable Steadies Ahead Of Bank Of England Minutes
ZIFX com | Aug 19, 2014 03:18PM ET
GBP/USD Open 1.6617 High 1.6726 Low 1.6600 Close 1.6615
On Tuesday Pound/Dollar decreased strongly with 115 pips. The Cable depreciated from 1.6726 to 1.6610 yesterday, in line with the negative money flow sentiment at around -22%, closing the day at 1.6615. Today the British Pound declined slightly further down to 1.6600.
On the 1 hour chart the downward channel has extended, while on the 3 hour chart quotes are heading for the lower limit of the wide scope. First resistance is yesterday's peak at 1.6726. Break above it should extend the bullish movement further towards 1.6850. The nearest support level is today's bottom at 1.6600. Going below it should extend British Pound's reduction further down towards next downward objective 1.6477.
Quotes are moving just below the widened 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 declining, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6726 1.6850 1.6983
Technical support levels: 1.6600 1.6477 1.6345
Already made +9 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.6609 SL 1.6635 TP 1.6549, exit sent at 6:59 GMT+1.
Today so far +37, yesterday +153, as shown at our web site.
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