Cable Under 1.695 Ahead Of US GDP And Fed
ZIFX com | Jul 30, 2014 03:26AM ET
Open 1.6944
High 1.6995
Low 1.6932
Close 1.6941
On Tuesday the GBP/USD decreased with 60 pips. The Cable depreciated from 1.6995 to 1.6932 yesterday, in line with the negative money flow sentiment at almost -18%, closing the day at 1.6941. Today the British pound is trading quietly, with movements at the lower end of yesterday's range for the time being.
On the 1 hour chart quotes are heading for the lower limit of the trading range, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.6995. Break above it should extend the bullish movement further towards 1.7120. The nearest support level is yesterday's bottom at 1.6932. Going below it should extend British pound's reduction further down towards next downward objective 1.6810.
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 declining, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6995 1.7120 1.7254
Technical support levels: 1.6932 1.6810 1.6677
Already made +21 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.6948 SL 1.6974 TP 1.6888, exit sent at 8:17 GMT+1.
Today so far +48, yesterday +105.
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