GBP/USD Open 1.5238 High 1.5370 Low 1.5215 Close 1.5231
On Wednesday Pound/Dollar decreased with 155 pips. The Cable depreciated from 1.5370 to 1.5215 yesterday, in line with the negative money flow sentiment at nearly -18%, closing the day at 1.5231. 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 the downward channel is turning into range trading. First resistance is yesterday's peak at 1.5370. Break above it should extend the bullish movement further towards 1.5492. The nearest support level is yesterday's bottom at 1.5215. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5090.
Today are UK Retail sales at 08:30 GMT.
Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, 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: 1.5370 1.5492 1.5730
Technical support levels: 1.5215 1.5090 1.4957
IMOH, Clement I.
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