On Monday GBP/USD increased with 110 pips. The cable appreciated from 1.6020 to 1.6130 yesterday, in converse with the negative money flow sentiment at almost -18%, closing the day at 1.6113. Today the British pound is trading quietly, with movements at the upper half of yesterday's range for the time being.
On the 1-hour chart range trading has formed, while on the 3-hour chart quotes returned into the wide trading scope. First resistance is yesterday's peak at 1.6130. Break above it should extend the bullish movement further towards 1.6252. The nearest support level is yesterday's bottom at 1.6020. Going below it should extend British pound's reduction further down towards next downward objective 1.5895.
There are no major economic events for UK today.
Quotes are moving just below the twisted 20 and 50 EMA on the 1-hour chart, indicating bearish pressure. The value of the RSI indicator is positive and calm, MACD is thinly negative and declining, while CCI has thinly crossed up the 100 line on the 1-hour chart, giving over all neutral signals.
Technical resistance levels: 1.6130 1.6252 1.6385
Technical support levels: 1.6020 1.5895 1.5760
GBP/USD Chart" title="GBP/USD Chart">