Quiet GBP/USD In Absence Of Data
ZIFX.com | Aug 30, 2012 03:39AM ET
On Wednesday GBP/USD recovered slightly further, increasing with 55 pips. The cable appreciated from 1.5801 to 1.5856 yesterday, in line with the positive money flow sentiment at almost 17%, closing the day at 1.5830. 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 is still on hold, while on the 3-hour chart small angle upward channel is forming. First resistance is yesterday's peak at 1.5856. Break above it should extend the bullish movement further towards 1.5980. The nearest support level is yesterday's bottom at 1.5801. Going below it should extend British pound's reduction further down towards next downward objective 1.5678.
Today are UK Nationwide house price index, M4 money supply, Consumer credit, and Gfk consumer confidence, at 6, 8:30 and 23 GMT respectively.
Quotes are moving just above the 20 and 50 EMA on the 1-hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly 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 neutral to light long signals.
Technical resistance levels: 1.5856 1.5980 1.6112
Technical support levels: 1.5801 1.5678 1.5540
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