GBP/USD Climbs On Passing U.S. Budget Deadline

GBP/USD Climbs On Passing U.S. Budget Deadline

GBP/USD Open 1.6189 High 1.6261 Low 1.6126 Close 1.6183

On Monday Pound/Dollar resumed increasing with 75 pips. The Cable appreciated from 1.6126 to 1.6203 yesterday, in line with the positive money flow sentiment at around +26%, closing the day at 1.6183. Today the British Pound lifted further up, climbing to 1.6261.

On the 1 hour chart the upward channel has renewed, while on the 3 hour the new upward channel looks good. First resistance is today's peak at 1.6261. Break above it should extend the bullish movement further towards 1.6385. The nearest support level is yesterday's bottom at 1.6126. Going below it should extend British Pound's reduction further down towards next downward objective 1.6000.

Today is UK Manufacturing PMI at 8:30 GMT.

Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.

Technical resistance levels: 1.6261 1.6385 1.6520
Technical support levels: 1.6126 1.6000 1.5868