GBP/USD Resumes Recovery, Breaking 1.59
ZIFX.com | Sep 04, 2012 03:42AM ET
On Monday GBP/USD increased insignificantly with 55 pips. The cable appreciated from 1.5849 to 1.5904 yesterday, in line with the positive money flow sentiment at almost over +17%, closing the day at 1.5883. Today the British pound strengthened slightly further, reaching 1.5909.
On the 1-hour the upward channel is trying to resume, while on the 3-hour chart small angle upward channel has formed. First resistance is today's peak at 1.5909. Break above it should extend the bullish movement further towards 1.6035. The nearest support level is yesterday's bottom at 1.5849. Going below it should extend British pound's reduction further down towards next downward objective 1.5725.
There are no major economic events for UK today.
Quotes are moving just above the 20 and 50 EMA on the 1phour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 1.5909 1.6035 1.6170
Technical support levels: 1.5849 1.5725 1.5590
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