GBP/USD Makes Slim Recovery Attempts

GBP/USD Open 1.5742 High 1.5753 Low 1.5649 Close 1.5741

On Thursday Pound/Dollar recovered with 100 pips. The Cable appreciated from 1.5649 to 1.5753 yesterday, in line with the positive Interbank sentiment at over +31%, closing the day at 1.5741. Today the British Pound is trading quietly, moving at the upper end of yesterday's range for the time being. On the 1 hour chart quotes are holding within the trading range, while on the 3 hour chart new wider range trading is forming. First resistance is yesterday's peak at 1.5753. Break above it should extend the bullish movement further towards 1.5870. The nearest support level is yesterday's bottom at 1.5649. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5528. Today is UK GDP Q4 at 9:30 GMT. Quotes are moving just above the crossed 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 1.5753 1.5870 1.6000

Technical support levels: 1.5649 1.5528 1.5400

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