Cable Steady Ahead Of BoE Minutes
ZIFX com | Apr 23, 2014 03:23AM ET
Open 1.6822
High 1.6840
Low 1.6783
Close 1.6821
On Tuesday the GBP/USD increased with 40 pips. The Cable appreciated from 1.6783 to 1.6840 yesterday, in line with the positive money flow sentiment at around +16%, closing the day at 1.6789. Today the British pound is trading quietly, with movements at the upper half of yesterday's range for the time being.
On the 1 hour chart the upward channel has renewed, while on the 3 hour chart quotes are testing the upper limit of the upward channel. First resistance is yesterday's peak at 1.6840. Break above it should extend the bullish movement further towards 1.6964. The nearest support level is yesterday's bottom at 1.6783. Going below it should extend British pound's reduction further down towards next downward objective 1.6660.
Today are UK Public Sector Net Borrowing, BoE minutes, and CBI industrial orders, at 8:30 and 10 GMT respectively.
Quotes are moving just below the 20 and above the 50 the EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is neutral and declining, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.6840 1.6964 1.7100
Technical support levels: 1.6783 1.6660 1.6524
Already made +5 pips profit/loss on GBP/USD today from the following sent to clients only signal:
8:16 GMT+1 Buy GBP/USD at 1.6799 SL 1.6773 TP 1.6859, exit sent at 8:18 GMT+1.
Today so far +43, yesterday +45.
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