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Daily Forex Technicals |
Written by ZIFX.com |
Feb 03 12 09:01 GMT
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GBP/USD Heading Up On The One Hour Chart
GBP/USD Open 1.5804 High 1.5859 Low 1.5784 Close 1.5802
On Thursday Pound/Dollar decreased insignificantly with 65 pips. The Cable depreciated from 1.5859 to 1.5794 yesterday, in converse with the positive Interbank sentiment at above +54%, closing the day at 1.5802. Today the British Pound weakened slightly further, reaching 1.5784. On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel is also intact. First resistance is yesterday's peak at 1.5859. Break above it should extend the bullish movement further towards 1.5978. The nearest support level is today's bottom at 1.5784. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5660. Today are UK Halifax house price and CIPS services indexes, at 8 and 9:30 GMT respectively. Quotes are moving just above the close and crossed 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.5859 1.5978 1.6110
Technical support levels: 1.5784 1.5660 1.5527
Trading range: 1.5800 - 1.5875
Trend: Upward
Buy at 1.5813 SL 1.5783 TP 1.5863
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