On Tuesday Pound/Dollar traded within narrow 65 pip range. The Cable appreciated from 1.5325 to 1.5393 yesterday, in line with the positive money flow sentiment at above +19%, closing the day at 1.5373. 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 new upward channel is forming, while on the 3 hour chart quotes are moving within wide trading scope. First resistance is yesterday's peak at 1.5393. Break above it should extend the bullish movement further towards 1.5516. The nearest support level is yesterday's bottom at 1.5325. Going below it should extend British Pound's reduction further down towards next downward objective 1.5200.
Today is UK CBI industrial books balance at 10 GMT.
Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5393 1.5516 1.5650
Technical support levels: 1.5325 1.5200 1.5067
Already made +30 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5361 SL 1.5335 TP 1.5421, exit sent at 8:29 GMT+1.
Today so far +94, yesterday +45, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">