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Cable Firms After Scottish Referendum

By ZIFX comForexSep 24, 2014 03:27AM ET
Cable Firms After Scottish Referendum
By ZIFX com   |  Sep 24, 2014 03:27AM ET
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GBP/USD Open 1.6389 High 1.6416 Low 1.6301 Close 1.6386

On Tuesday GBP/USD increased with 115 pips. The Cable appreciated from 1.6301 to 1.6416 yesterday, in line with the positive money flow sentiment at over -14%, closing the day at 1.6386. 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 the downward channel is turning into range trading, while on the 3 hour chart the downward channel is on hold. First resistance is yesterday's peak at 1.6416. Break above it should extend the bullish movement further towards 1.6540. The nearest support level is yesterday's bottom at 1.6301. Going below it should extend British pound's reduction further down towards next downward objective 1.6170.

Quotes are moving in line with the 20 and just below the 50 EMA the EMA on the 1 hour chart, indicating short term slim neutral and medium term slim bearish pressure. The value of the RSI indicator is neutral and waiving, 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: 1.6416 1.6540 1.6674
Technical support levels: 1.6301 1.6170 1.6038

Already made +9 pips profit/loss on GBP/USD today from the following signal:
7:15 GMT+1 Sell GBP/USD at 1.6385 SL 1.6411 TP 1.6325, exit given at 7:17 GMT+1.
Today so far +33, yesterday +105, as shown at our web site.

GBP/USD Hour Chart
GBP/USD Hour Chart

Cable Firms After Scottish Referendum

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Cable Firms After Scottish Referendum

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