GBP/USD Consolidates After Bernanke's Provoked Rise
ZIFX.com | Jul 11, 2013 03:22AM ET
On Wednesday Pound/Dollar increased tremendously with 350 pips. The Cable appreciated from 1.4843 to 1.5197 yesterday, in line with the positive money flow sentiment at around +38%, closing the day at 1.5000. 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 downward channel is on hold, while on the 3 hour chart quotes returned to the wide trading scope. First resistance is yesterday's peak at 1.5197. Break above it should extend the bullish movement further towards 1.5320. The nearest support level is yesterday's bottom at 1.4843. Going below it should extend British Pound's reduction further down towards next downward objective 1.4720.
There are no major economic events for UK today.
Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is negative and inclining upwards, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5197 1.5320 1.5452
Technical support levels: 1.4843 1.4720 1.4587
Already made +24 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5150 SL 1.5124 TP 1.5210, exit sent at 6:08 GMT+1.
Today so far +113, yesterday +89, as shown at our web site.
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