GBP/USD Could Not Hold Gains Above 1.58

GBP/USD Could Not Hold Gains Above 1.58

GBP/USD Open 1.5797 High 1.5845 Low 1.5705 Close 1.5794

On Friday Pound/Dollar increased with 140 pips. The Cable appreciated from 1.5705 to 1.5845 on Friday, in converse with the negative money flow sentiment at almost -18%, closing the week at 1.5794. Today the British Pound weakened slightly, but movements are still within Friday's range for the time being.

On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the downward channel is on hold. First resistance is Friday's peak at 1.5845. Break above it should extend the bullish movement further towards 1.5968. The nearest support level is Friday's bottom at 1.5705. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5580.

There are no major economic events for UK today.

Quotes are moving just above the even 20 and just bellow the 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is negative and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.5845 1.5968 1.6100
Technical support levels: 1.5705 1.5580 1.5447