On Monday, the GBP/USD increased with 120 pips. The Cable appreciated from 1.5342 to 1.5466 yesterday, in converse with the negative money flow sentiment at under -16%, to close the day at 1.5424. The British Pound is trading quietly oday, with movements at the upper end of yesterday's range for the time being.
The upward channel is turning into range trading on the 1 hour chart, while wide trading scope has formed on the 3 hour chart. First resistance is yesterday's peak at 1.5466. A break above it should extend the bullish movement further towards 1.5590. The nearest support level is yesterday's bottom at 1.5342. Going below it should extend the British pound's reduction further down, towards the next downward objective of 1.5220.
Data due today: U.K. CBI Trade survey at 10 GMT.
Quotes are moving just below the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and declining. The MACD is negative and tranquil, while the CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5466 1.5590 1.5722
Technical support levels: 1.5342 1.5220 1.5090
Already made +27 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.5435 SL 1.5409 TP 1.5495, exit sent at 7:23 GMT+1.
Today so far +82, yesterday +77, as shown at our web site.