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Soft U.S. Factory Data Slows Downtrend On GBP/USD

Published 05/16/2013, 03:31 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Open 1.5222 High 1.5273 Low 1.5172 Close 1.5226

On Wednesday, the GBP/USD traded within the 100 pip range. The Cable depreciated from 1.5273 to 1.5172 yesterday, in line with the negative money flow sentiment at around -25% and closing the day at 1.5226. The British pound is trading quietly today, with movements at the lower half of yesterday's range for now.

Trading range has formed on the 1 hour chart, while the new upward channel is fading on the 3 hour chart. First resistance is yesterday's peak at 1.5273. Breaking above it should extend the bullish movement further towards 1.5400. The nearest support level is yesterday's bottom at 1.5172. Going below it should extend the British pound's reduction further down towards the next downwards objective of 1.5050.

There are no major economic events in the U.K. 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 thinly negative and calm. The MACD is negative and tranquil too, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5273 1.5400 1.5533
Technical support levels: 1.5172 1.5050 1.4915

Already made +18 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5220 SL 1.5246 TP 1.5160, exit sent at 7:02 GMT+1.
Today so far +89, yesterday +189, as shown at our web site.


GBP/USD Chart

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