Cable Steady And In Narrow Scope This Week
Lui Andersen | Mar 11, 2015 04:29AM ET
GBP/USD Open 1.5074 High 1.5111 Low 1.5027 Close 1.5051
On Tuesday Pound/Dollar decreased with 80 pips. The Cable depreciated from 1.5111 to 1.5027 yesterday, in line with the negative money flow sentiment at almost -14%, closing the day at 1.5051. Today the British Pound is trading quietly, with movements within yesterday's range for the time being.
On the 1 hour chart the new downward channel has slowed down, while on the 3 hour chart the downward channel is still attempting to renew. First resistance is yesterday's peak at 1.5111. Break above it should extend the bullish movement further towards 1.5234. The nearest support level is yesterday's bottom at 1.5027. Going below it should extend British Pound's reduction further down towards next downward objective 1.4900.
Quotes are moving just below the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil too, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.5111 1.5234 1.5370
Technical support levels: 1.5027 1.4900 1.4766
Already gained +24 pips on GBP/USD today from the following signal:
5:30 GMT Down GBP/USD at 1.5079 Limit 1.5105 Target 1.5019, exit given at 8:07 GMT.
Today so far +121, yesterday +190, as shown at our web site.
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