Cable Vulnerable As Scottish Referendum Looms
ZIFX com | Sep 16, 2014 03:23AM ET
GBP/USD Open 1.6228 High 1.6285 Low 1.6177 Close 1.6230
On Monday GBP/USD decreased with 65 pips. The Cable depreciated from 1.6285 to 1.6219 yesterday, in line with the negative money flow sentiment at below -10%, closing the day at 1.6230. Today the British pound weakened further, reaching 1.6177.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. First resistance is yesterday's peak at 1.6285. Break above it should extend the bullish movement further towards 1.6410. The nearest support level is today's bottom at 1.6177. Going below it should extend British pound's reduction further down towards next downward objective 1.6055.
Quotes are moving below the twisted and close 20 and 50 the EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is thinly positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6285 1.6410 1.6544
Technical support levels: 1.6177 1.6055 1.5920
Already made +48 pips profit/loss on GBP/USD today from the following signal:
5:15 GMT+1 Sell GBP/USD at 1.6226 SL 1.6252 TP 1.6166, exit given at 7:56 GMT+1.
Today so far +107, yesterday +80 pips.
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