On Friday, the GBP/USD resumed decreasing with 165 pips. The Cable depreciated from 1.5532 to 1.5367 on Friday, in line with the negative money flow sentiment below -23%, closing the week at 1.5413. The British Pound weakened slightly further today, reaching 1.5345.
The upward channel is turning into range trading on the 1 hour chart, while wide trading range has formed. First resistance is Friday's peak at 1.5532. A break above it should extend the bullish movement further towards 1.5655. The nearest support level is today's bottom at 1.5345. Going below it should extend the British pound's reduction further down towards the next downward objective of 1.5222.
There are no major economic events for the U.K. today.
Quotes are moving below the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm. The MACD is negative and tranquil too, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5532 1.5655 1.5790
Technical support levels: 1.5345 1.5222 1.5090
Already made +26 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Sell GBP/USD at 1.5378 SL 1.5404 TP 1.5318, exit sent at 7:58 GMT+1.
Today so far +67, on Friday +210, as shown at our web site.
GBP/USD Chart" title="GBP/USD Chart">