GBP/USD Open 1.5976 High 1.6040 Low 1.5954 Close 1.5989
On Thursday Pound/Dollar continued decreasing with 85 pips. The Cable depreciated from 1.6040 to 1.5954 yesterday, in line with the negative money flow sentiment at around -16%, closing the day at 1.5989. 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 quotes are breaking down of the trading range, while on the 3 hour chart trading is within wide scope. First resistance is yesterday's peak at 1.6040. Break above it should extend the bullish movement further towards 1.6164. The nearest support level is today's bottom at 1.5954. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5832.
Today are UK Retail sales at 9:30 GMT.
Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6040 1.6164 1.6300
Technical support levels: 1.5954 1.5832 1.5700
Tue May 03, 2016 9:51 am by Andrea ForexMart
Subject: GBP/USD Open 1.5976 High 1.6040 Low 1.5954 Close 1.5989