GBP/USD Uptrend Renews, Approaching 1.61
ZIFX.com | Sep 12, 2012 03:44AM ET
On Tuesday GBP/USD resumed increasing with 65 pips. The cable appreciated from 1.5986 to 1.6084 yesterday, in line with the positive money flow sentiment at almost below +22%, closing the day at 1.6067. Today the British pound lifted slightly further, reaching 1.6097.
On the 1-hour the upward channel looks good, while on the 3 hour chart the small angle upward channel has accelerated. First resistance is today's peak at 1.6097. Break above it should extend the bullish movement further towards 1.6220. The nearest support level is yesterday's bottom at 1.5986. Going below it should extend British pound's reduction further down towards next downward objective 1.5860.
Today are UK Claimant count, Average earnings, and ILO Jobless rate, all 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 inclining upwards, MACD is positive and rising too, while CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 1.6097 1.6220 1.6354
Technical support levels: 1.5986 1.5860 1.5724
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