Has GBP/USD Got Any More Steam?
ZIFX.com | Sep 13, 2012 03:35AM ET
On Wednesday GBP/USD continued increasing insignificantly with 70 pips. The cable appreciated from 1.6063 to 1.6132 yesterday, in line with the positive money flow sentiment at almost above +19%, closing the day at 1.6105. Today the British pound is trading quietly, with movements at the upper end of yesterday's range for the time being.
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 yesterday's peak at 1.6132. Break above it should extend the bullish movement further towards 1.6255. The nearest support level is yesterday's bottom at 1.6063. Going below it should extend British pound's reduction further down towards next downward objective 1.5938.
There are no major economic events for UK today.
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 CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 1.6132 1.6255 1.6390
Technical support levels: 1.6063 1.5938 1.5800
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