On Wednesday GBP/USD continued increasing with almost 80 pips. The cable appreciated from 1.6094 to 1.6172 yesterday, in line with the positive money flow sentiment at nearly +26%, closing the day at 1.6147. 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 upward channel has renewed, while on the 3-hour chart quotes are moving within a wider trading scope. First resistance is yesterday's peak at 1.6172. A break above it should extend the bullish movement further towards 1.6300. The nearest support level is yesterday's bottom at 1.6094. Going below it should extend the British pound's reduction further down towards next downward objective 1.5970.
Today is UK CBI industrial order books balance at 11 GMT.
Quotes are moving just above the close 20 and 50 EMA on the 1-hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 1.6172 1.6300 1.6435
Technical support levels: 1.6094 1.5970 1.5836
GBP/USD Chart" title="GBP/USD Chart">
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GBP/USD Consolidates After Yesterday's Gains
Published 12/13/2012, 03:43 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Consolidates After Yesterday's Gains
GBP/USD Open 1.6134 High 1.6172 Low 1.6094 Close 1.6147
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