On Friday Pound/Dollar continued decreasing significantly with 185 pips. The Cable depreciated from 1.5042 to 1.4854 on Friday, in line with the negative money flow sentiment at nearly -35%, closing the week at 1.4876. Today the British Pound is trading quietly, with movements at the lower end of Friday's range for the time being.
On the 1 hour chart the downward channel has extended, while on the 3 hour chart quotes are testing the lower limit of the wide trading scope. First resistance is Friday's peak at 1.5042. Break above it should extend the bullish movement further towards 1.5164. The nearest support level is Friday's bottom at 1.4854. Going below it should extend British Pound's reduction further down towards next downward objective 1.4730.
There are no major economic events for UK today.
Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and declining, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.5042 1.5164 1.5300
Technical support levels: 1.4854 1.4730 1.4600
Already made +6 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.4873 SL 1.4899 TP 1.4813, exit sent at 5:35 GMT+1.
Today so far +30, on Friday +169, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">