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Daily Forex Technicals |
Written by ZIFX.com |
Feb 07 12 08:56 GMT
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GBP/USD Forms 110 Pip Range Trading This Week
GBP/USD Open 1.5808 High 1.5842 Low 1.5729 Close 1.5815
On Monday Pound/Dollar traded within 110 pip range. The Cable appreciated from 1.5729 to 1.5842 yesterday, in line with the positive Interbank sentiment at nearly +45%, closing the day at 1.5815. 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 upward channel has slowed down, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.5842. Break above it should extend the bullish movement further towards 1.5964. The nearest support level is yesterday's bottom at 1.5729. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5610. There are no major economic events for UK today. Quotes are moving just above the crossed 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5842 1.5964 1.6100
Technical support levels: 1.5729 1.5610 1.5477
Trading range: 1.5840 - 1.5770
Trend: Downward
Sell at 1.5830 SL 1.5860 TP 1.5780
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