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Daily Forex Technicals |
Written by ZIFX.com |
Feb 09 12 08:58 GMT
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GBP/USD Making Slim Recovery Attempts
GBP/USD Open 1.5808 High 1.5929 Low 1.5792 Close 1.5816
On Wednesday Pound/Dollar decreased with 130 pips. The Cable depreciated from 1.5929 to 1.5796 yesterday, in converse with the positive Interbank sentiment at nearly +59%, closing the day at 1.5816. Today the British Pound descended slightly further to 1.5792, than commenced recovery. On the 1 hour chart the upward channel has resumed, while on the 3 hour chart the upward channel looks good. First resistance is yesterday's peak at 1.5929. Break above it should extend the bullish movement further towards 1.6048. The nearest support level is today's bottom at 1.5787. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5660. Today are UK Halifax house price index, Trade in goods, Non-EU trade, Industrial production, Manufacturing output, and BoE meeting announcement and QE Stg, at 8, 9, 9:30 and 12 GMT respectively. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral to light long signals.
Technical resistance levels: 1.5929 1.6048 1.6180
Technical support levels: 1.5792 1.5660 1.5527
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