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GBP/USD Forecast: August 23, 2013

By ZIFX comForexAug 23, 2013 03:28AM ET
www.investing.com/analysis/snb-switzerland/grains-u.s.-wheat-firm-as-weather-worry-outweighs-usda-data-180772
GBP/USD Forecast: August 23, 2013
By ZIFX com   |  Aug 23, 2013 03:28AM ET
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GBP/USD

Open 1.5589
High 1.5632
Low 1.5561
Close 1.5585

On Thursday GBP/USD decreased insignificantly with 70 pips. The Cable depreciated from 1.5632 to 1.5561 Thursday, in line with the negative money flow sentiment at around -12%, closing the day at 1.5585. Today the British pound is trading quietly, with movements at the lower end of yesterday's range for the time being.

On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart quotes bounced down of the upper limit of the wide trading scope. First resistance is yesterday's peak at 1.5632. Break above it should extend the bullish movement further towards 1.5755. The nearest support level is Thursday's bottom at 1.5561. Going below it should extend British pound's reduction further down towards next downward objective 1.5440.

Today is UK GDP at 8:30 GMT.

Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.5632 1.5755 1.5890

Technical support levels: 1.5561 1.5440 1.5306

Today already saw +10 pips profit/loss on GBP/USD signaling the following to client:
5:16 GMT+1 Sell GBP/USD at 1.5585, SL 1.5611, TP 1.5525, exit sent at 6:12 GMT+1.

Today so far +45, yesterday +206.

<span class=
GBP/USD Chart" title="GBP/USD Chart" />
GBP/USD Forecast: August 23, 2013
 

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GBP/USD Forecast: August 23, 2013

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