GBP/USD Stabilizes After Yesterday's Drop
ZIFX com | Nov 26, 2013 03:39AM ET
GBP/USD
Open 1.6167
High 1.6241
Low 1.6131
Close 1.6151
On Monday the GBP/USD decreased with 110 pips. The Cable depreciated from 1.6241 to 1.6131 yesterday, in line with the negative money flow sentiment at almost -25%, closing the day at 1.6151. Today the British pound is trading quietly, with movements within yesterday's range for the time being.
On the 1 hour chart quotes are back into the trading range, while on the 3 hour the upward channel is turning into range trading. First resistance is yesterday's peak at 1.6241. Break above it should extend the bullish movement further towards 1.6366. The nearest support level is yesterday's bottom at 1.6131. Going below it should extend the British pound's reduction further down towards next downward objective 1.6007.
There are no major economic events for UK today.
Quotes have jumped above the 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and declining, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.6241 1.6366 1.6500
Technical support levels: 1.6131 1.6007 1.5870
Already made +17 pips profit/loss on GBP/USD today from the following sent to clients only signal:
8:07 GMT Buy GBP/USD at 1.6177 SL 1.6151 TP 1.6237, exit sent at 8:25 GMT.
Today so far +64, yesterday +55.
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