GBP/USD Push Ups Limited By The 1.521 Resistance

GBP/USD Push Ups Limited By The 1.521 Resistance

GBP/USD Open 1.5179 High 1.5210 Low 1.5091 Close 1.5164

On Thursday Pound/Dollar increased with 120 pips. The Cable appreciated from 1.5091 to 1.5210 yesterday, in line with the positive money flow sentiment at above +19%, closing the day at 1.5164. Today the British Pound is trading quietly, with movements at the upper end of yesterday's range for the time being.

On the 1 hour chart the downward channel is turning into range trading, while on the 3 hour chart the downward channel is on hold. First resistance is yesterday's peak at 1.5210. Break above it should extend the bullish movement further towards 1.5334. The nearest support level is yesterday's bottom at 1.5091. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.4970.

There are no major economic events for UK today.

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