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Daily Forex Technicals |
Written by ZIFX.com |
Feb 21 12 09:00 GMT
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GBP/USD In Small 60 Pip Range This Week
GBP/USD Open 1.5827 High 1.5881 Low 1.5807 Close 1.5846
On Monday Pound/Dollar decreased insignificantly with 60 pips. The Cable depreciated from 1.5881 to 1.5819 yesterday, in converse with the positive Interbank sentiment at over +56%, closing the day at 1.5846. Today the British Pound descended slightly further, dropping to 1.5807. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is still on hold. First resistance is yesterday's peak at 1.5881. Break above it should extend the bullish movement further towards 1.6000. The nearest support level is today's bottom at 1.5807. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5680. Today are UK PSNB and PSNBX, both at 9:30 GMT. Quotes are moving in line with the 20 and above 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is thinly negative and hesitant, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5881 1.6000 1.6133
Technical support levels: 1.5807 1.5680 1.5546
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