On Wednesday Pound/Dollar traded within almost 50 pip range. The Cable appreciated from 1.5630 to 1.5679 yesterday, in line with the neutral money flow sentiment at nearly -10%, closing the day at 1.5655. Today the British Pound ascended slightly, reaching 1.5695.
On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the downward channel looks good. First resistance is today's peak at 1.5695. Break above it should extend the bullish movement further towards 1.5820. The nearest support level is yesterday's bottom at 1.5630. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5508.
Today are UK Halifax house price index, Industrial production, Manufacturing output, Trade in goods, Non EU trade, and BoE meeting announcement and QE, at 8, 9:30 and 12 GMT respectively.
Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and tranquil, while CCI is about to cross up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5695 1.5820 1.5954
Technical support levels: 1.5630 1.5508 1.5370
Already made +8 pips profit/loss on GBP/USD today from the following sent to clients only signal:
8:17 GMT Buy GBP/USD at 1.5687 SL 1.5661 TP 1.5747, exit sent at 8:18 GMT.
Today so far +125, yesterday +143, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">
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GBP/USD Looks Stable Ahead Of BoE
Published 02/07/2013, 03:39 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Looks Stable Ahead Of BoE
GBP/USD Open 1.5660 High 1.5695 Low 1.5630 Close 1.5655
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