Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Cable Lifts On Upbeat CBI Retail Sales

Published 02/24/2015, 03:33 AM
Updated 07/09/2023, 06:32 AM

GBP/USD Open 1.5450 High 1.5475 Low 1.5331 Close 1.5452

On Monday GBP/USD increased with 140 pips. The Cable appreciated from 1.5331 to 1.5475 yesterday, in line with the positive money flow sentiment at above +15%, closing the day at 1.5452. 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 chart the new upward channel is slowing down, while on the 3 hour chart the downward channel is turning into range trading. First resistance is yesterday's peak at 1.5475. Break above it should extend the bullish movement further towards 1.5600. The nearest support level is yesterday's bottom at 1.5331. Going below it should extend British Pound's reduction further down towards next downward objective 1.5210.

Quotes are moving just above the crossing and widened 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and inclining upwards, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 1.5475 1.5600 1.5736
Technical support levels: 1.5331 1.5210 1.5077

Already gained +11 pips on GBP/USD today from the following signal:
5:30 GMT Down GBP/USD at 1.5442 Limit 1.5468 Target 1.5382, exit given at 6:10 GMT.
Today so far +100, yesterday +173, as shown at our web site.


GBP/USD Hour Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.