GBP/USD Open 1.5182 High 1.5328 Low 1.5124 Close 1.5163
After some hesitation, on Wednesday Pound/Dollar sharply dropped again, in converse with the positive Interbank sentiment at nearly +13%. The Cable depreciated from 1.5328 to 1.5124 yesterday, closing the day at 1.5163. Today the pair is trading without clear direction for now. On the 1 hour chart trading is within wide range, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday’s peak at 1.5328. Break above it should extend the bullish movement further towards 1.5439. The nearest support is yesterday’s bottom at 1.5124. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5040. Today is the UK Retail sales at 8:30 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullich and medium term bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and calm, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall mixed forex signals.
Trading resistance levels: 1.5328 1.5439 1.5550
Trading support levels: 1.5124 1.5040 1.4936
Trading range: 1.5210 – 1.5135
Trend: Downward
Forex Trading Strategy
Sell at 1.5198 Stop Loss 1.5228 Take Profit 1.5148
Already made +32 pips profit on GBP/USD today from the following signal:
5:37 GMT+1 Sell GBP/USD at 1.5182 Stop Loss 1.5208 Take Profit 1.5122 exit sent 7:12 GMT+1.
Today so far +90, yesterday +48, as shown in details here.
Previous Analysis can be found HERE.
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Disclaimer: Our technical analysis are free. They are not daily/evening forecast, neither a forex signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view. The analysis are updated around 5:00, 8:00 and 10:00 GMT ±1 hour, for the EUR/USD, GBP/USD and USD/JPY respectively. By viewing our analyses you agree to our terms. Are technical analysis a forex trading signal?
