GBP/USD: Cable Is Trading Quietly
ZIFX com | Feb 27, 2014 03:31AM ET
GBP/USD
Open 1.6664
High 1.6704
Low 1.6620
Close 1.6670
On Wednesday the GBP/USD decreased with 80 pips. The Cable depreciated from 1.6704 to 1.6620 yesterday, in line with the negative money flow sentiment at under -7%, closing the day at 1.6670. Today the British pound is trading quietly, with movements at the lower half of yesterday's range for the time being.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel is slowing down. First resistance is yesterday's peak at 1.6704. Break above it should extend the bullish movement further towards 1.6828. The nearest support level is yesterday's bottom at 1.6620. Going below it should extend British pound's reduction further down towards next downward objective 1.6500.
There are no major economic events for UK today.
Quotes are moving below the twisted and close 20 and 50 the EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.6704 1.6828 1.6960
Technical support levels: 1.6620 1.6500 1.6364
Already made +38 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT Sell GBP/USD at 1.6672 SL 1.6698 TP 1.6612, exit sent at 8:11 GMT.
Today so far +103, yesterday +85.
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