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
About the Author
ZIFX.com is managed by iFOREX Ltd. and it is in the business of teaching analysis of forex trends, and proposing potential trading signals - not recommendations. All statements and expressions are the opinion of the forex experts at ZIFX.com and are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Our opinions are subject to change without notice. We strongly advise clients to conduct thorough research relevant to decisions and verify facts from various independent sources. The staff at ZIFX.com is not to be held responsible for individual market positions, all trades that clients may take are based on their own final decisions. We do not accept any liability for any loss or damage whatsoever, that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in the trading signals or in any accompanying chart analyses, whether communicated by word or message, typed or spoken by any of ZIFX.com employees.