GBP/USD Forecast: August 23, 2013

By ZIFX comCurrenciesAug 23, 2013 03:28AM ET

www.investing.com/analysis/snb-switzerland/grains-u.s.-wheat-firm-as-weather-worry-outweighs-usda-data-180772

GBP/USD Forecast: August 23, 2013

By ZIFX com | Aug 23, 2013 03:28AM ET

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GBP/USD

-0.16%

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GBP/USD

Open 1.5589
High 1.5632
Low 1.5561
Close 1.5585

On Thursday GBP/USD decreased insignificantly with 70 pips. The Cable depreciated from 1.5632 to 1.5561 Thursday, in line with the negative money flow sentiment at around -12%, closing the day at 1.5585. Today the British pound is trading quietly, with movements at the lower end of yesterday's range for the time being.

On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart quotes bounced down of the upper limit of the wide trading scope. First resistance is yesterday's peak at 1.5632. Break above it should extend the bullish movement further towards 1.5755. The nearest support level is Thursday's bottom at 1.5561. Going below it should extend British pound's reduction further down towards next downward objective 1.5440.

Today is UK GDP at 8:30 GMT.

Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.5632 1.5755 1.5890

Technical support levels: 1.5561 1.5440 1.5306

Today already saw +10 pips profit/loss on GBP/USD signaling the following to client:
5:16 GMT+1 Sell GBP/USD at 1.5585, SL 1.5611, TP 1.5525, exit sent at 6:12 GMT+1.

Today so far +45, yesterday +206.

GBP/USD Chart" title="GBP/USD Chart">

Disclaimer: ZIFX.com is in the business of teaching analysis of forex trends, and proposing potential trading signals - not recommendations. All statements and expressions are the opinion of the forex experts at ZIFX.com and are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Our opinions are subject to change without notice. We strongly advise clients to conduct thorough research relevant to decisions and verify facts from various independent sources. The staff at ZIFX.com is not to be held responsible for individual market positions, all trades that clients may take are based on their own final decisions. We do not accept any liability for any loss or damage whatsoever, that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in the trading signals or in any accompanying chart analyses, whether communicated by word or message, typed or spoken by any of ZIFX.com employees.

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GBP/USD Forecast: August 23, 2013

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