GBP/USD Open 1.6130 High 1.6157 Low 1.6065 Close 1.6125
On Wednesday Pound/Dollar continued decreasing with 90 pips. The Cable depreciated from 1.6157 to 1.6065 yesterday, in line with the negative money flow sentiment at nearly -7%, closing the day at 1.6125. 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 range trading is forming, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.6157. Break above it should extend the bullish movement further towards 1.6281. The nearest support level is yesterday's bottom at 1.6065. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5941.
Today are UK Industrial production, Manufacturing output, and BoE meeting announcement and QE, at 8:30 and 11 GMT respectively.
Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral to light long signals.
Technical resistance levels: 1.6157 1.6281 1.6415
Technical support levels: 1.6065 1.5941 1.5810
Already made +12 pips profit on GBP/USD today from the following sent to clients only signal:
5:18 GMT+1 Sell GBP/USD at 1.6136 SL 1.6162 TP 1.6076, exit sent at 8:36 GMT+1.
Today so far +28, yesterday +72, as shown in details at http://www.zifx.com/performance-past.php.
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009