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GBP/USD Shakes, But Holds Steady Above 1.6

By  |  Forex  |  Nov 26, 2012 08:28AM GMT  |   Add a Comment
GBP/USD Shakes, But Holds Steady Above 1.6
By   |  Nov 26, 2012 08:28AM GMT
GBP/USD Open 1.6027 High 1.6052 Low 1.5926 Close 1.6026

On Friday GBP/USD renewed increasing with 125 pips. The cable appreciated from 1.5926 to 1.6052 on Friday, in line with the positive money flow sentiment at above +21%, closing the week at 1.6026. Today the British pound is trading quietly, with movements at the upper end of Friday's range for the time being.

On the 1-hour chart the downward channel is turning into range trading, while on the 3-hour chart quotes are moving within wider trading scope. First resistance is Friday's peak at 1.6052. Break above it should extend the bullish movement further towards 1.6174. The nearest support level is Friday's bottom at 1.5926. Going below it should extend British pound's reduction further down towards next downward objective 1.5800.

There are no major economic events for UK today.

Quotes are moving above the crossing and 20 and 50 EMA on the 1-hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is negative 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: 1.6052 1.6174 1.6310
Technical support levels: 1.5926 1.5800 1.5664

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