GBP/USD Looks Stable Ahead Of BoE

GBP/USD Looks Stable Ahead Of BoE

GBP/USD Open 1.5660 High 1.5695 Low 1.5630 Close 1.5655

On Wednesday Pound/Dollar traded within almost 50 pip range. The Cable appreciated from 1.5630 to 1.5679 yesterday, in line with the neutral money flow sentiment at nearly -10%, closing the day at 1.5655. Today the British Pound ascended slightly, reaching 1.5695.

On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the downward channel looks good. First resistance is today's peak at 1.5695. Break above it should extend the bullish movement further towards 1.5820. The nearest support level is yesterday's bottom at 1.5630. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5508.

Today are UK Halifax house price index, Industrial production, Manufacturing output, Trade in goods, Non EU trade, and BoE meeting announcement and QE, at 8, 9:30 and 12 GMT respectively.

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 negative and inclining upwards, MACD is negative and tranquil, while CCI is about to cross up the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.5695 1.5820 1.5954
Technical support levels: 1.5630 1.5508 1.5370