GBP/USD 3 Day's Recovery Lost In 1 Day

GBP/USD 3 Day's Recovery Lost In 1 Day

GBP/USD Open 1.5698 High 1.5879 Low 1.5774 Close 1.5688

On Friday Pound/Dollar decreased with 190 pips, losing all earlier 3 day gains in one day. The Cable depreciated from 1.5879 to 1.5687 on Friday, in line with the negative money flow sentiment at under -15%, closing the week at 1.5688. Today the British Pound weakened slightly further, reaching 1.5678.

On the 1 hour chart the downward channel is making renewal attempts, while on the 3 hour chart the downward channel has slowed down. First resistance is Friday's peak at 1.5879. Break above it should extend the bullish movement further towards 1.6000. The nearest support level is today's bottom at 1.5678. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5554.

There are no major economic events for UK today.

Quotes are moving bellow the close 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: 1.5879 1.6000 1.6134
Technical support levels: 1.5678 1.5554 1.5420