Cable Treading Slippery Ground
ZIFX com | Jul 09, 2014 03:25AM ET
Open 1.7128
High 1.7149
Low 1.7084
Close 1.7129
On Tuesday the GBP/USD continued decreasing with 65 pips. The Cable depreciated from 1.7149 to 1.7084 yesterday, in line with the negative money flow sentiment at around -15%, closing the day at 1.7129. Today the British pound is trading quietly, with movements at the upper end of yesterday's range for the time being.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel looks good. First resistance is yesterday's peak at 1.7149. Break above it should extend the bullish movement further towards 1.7270. The nearest support level is yesterday's bottom at 1.7084. Going below it should extend the British pound's reduction further down towards next downward objective 1.6960.
Quotes are moving about in line with the almost even 20 and 50 the EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is neutral and calm, MACD is thinly negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.7149 1.7270 1.7400
Technical support levels: 1.7084 1.6960 1.6827
Already made +5 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.7130 SL 1.7156 TP 1.7070, exit sent at 8:05 GMT+1.
Today so far +45, yesterday +76.
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