GBP/USD Extends Recovery Above 1.58

GBP/USD Extends Recovery Above 1.58

GBP/USD Open 1.5794 High 1.5774 Low 1.5691 Close 1.5791

On Wednesday Pound/Dollar continued increasing with 90 pips. The Cable appreciated from 1.5724 to 1.5818 yesterday, in line with the positive money flow sentiment at above +21%, closing the day at 1.5791. Today the British Pound lifted even further, ascending to 1.5836.

On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart new downward channel has formed. First resistance is today's peak at 1.5836. Break above it should extend the bullish movement further towards 1.5960. The nearest support level is yesterday's bottom at 1.5691. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5570.

Today was UK Gfk consumer confidence at 00 GMT.

Quotes are moving just above the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bullish and medium term neutral pressure. The value of the RSI indicator is positive and calm, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 1.5836 1.5960 1.6092
Technical support levels: 1.5691 1.5570 1.5438