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GBP/USD Stabilizes After Yesterday's Drop

Published 11/26/2013, 03:39 AM
Updated 07/09/2023, 06:32 AM

GBP/USD

Open 1.6167

High 1.6241

Low 1.6131

Close 1.6151

On Monday the GBP/USD decreased with 110 pips. The Cable depreciated from 1.6241 to 1.6131 yesterday, in line with the negative money flow sentiment at almost -25%, closing the day at 1.6151. Today the British pound is trading quietly, with movements within yesterday's range for the time being.

On the 1 hour chart quotes are back into the trading range, while on the 3 hour the upward channel is turning into range trading. First resistance is yesterday's peak at 1.6241. Break above it should extend the bullish movement further towards 1.6366. The nearest support level is yesterday's bottom at 1.6131. Going below it should extend the British pound's reduction further down towards next downward objective 1.6007.

There are no major economic events for UK today.

Quotes have jumped above the 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and declining, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 1.6241 1.6366 1.6500

Technical support levels: 1.6131 1.6007 1.5870

Already made +17 pips profit/loss on GBP/USD today from the following sent to clients only signal:
8:07 GMT Buy GBP/USD at 1.6177 SL 1.6151 TP 1.6237, exit sent at 8:25 GMT.

Today so far +64, yesterday +55.


<span class=GBP/USD Hour Chart" title="GBP/USD Hour Chart" height="540" width="640" />

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