GBP/USD Recovers Slightly On Weak Dollar
ZIFX.com | Apr 25, 2013 03:38AM ET
On Wednesday, the GBP/USD traded within narrow 50 pip range. The Cable appreciated from 1.5225 to 1.5288 yesterday, in line with the neutral money flow sentiment at under -9%, closing the day at 1.5257. The British Pound went higher today, reaching 1.5335.
The upward channel has turned into range trading on the 1 hour chart, while trading scope has formed on the 3 hour chart . First resistance is today's peak at 1.5335. A break above it should extend the bullish movement further towards 1.5460. The nearest support level is yesterday's bottom at 1.5225. Going below it should extend British pound's reduction further down, towards the next downward objective of 1.5100.
Today is UK GDP Q1 at 8:30 GMT.
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 calm. MACD is positive and inclining upwards, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5335 1.5460 1.5600
Technical support levels: 1.5225 1.5100 1.4965
Already made +12 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5316 SL 1.5290 TP 1.5376, exit sent at 7:13 GMT+1.
Today so far +84, yesterday +111, as shown at our web site.
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