Cable Recovers From Last Wednesday’s Loses
GBP/USD Open 1.6607 High 1.6625 Low 1.6561 Close 1.6604
On Monday Pound/Dollar increased with almost 65 pips. The Cable appreciated from 1.6561 to 1.6625 yesterday, in line with the positive money flow sentiment at around +8%, closing the day at 1.6604. 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 scope trading is forming, while on the 3 hour chart the upward channel has turned into range trading. First resistance is yesterday’s peak at 1.6561. Break above it should extend the bullish movement further towards 1.6685. The nearest support level is yesterday’s bottom at 1.6625. Going below it should extend British Pound’s reduction further down towards next downward objective 1.6500.
Today are UK Industrial and Manufacturing production, both at 8:30 GMT.
Quotes are moving above the crossing 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.6561 1.6685 1.6830
Technical support levels: 1.6625 1.6500 1.6364
Source: fxm8
