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Daily Forex Technicals |
Written by ZIFX.com |
Jan 27 12 09:06 GMT
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GBP/USD Recovers Further, Turning 1.57
GBP/USD Open 1.5672 High 1.5735 Low 1.5651 Close 1.5687
On Thursday Pound/Dollar continued rising on slower pace with 85 pips. The Cable appreciated from 1.5651 to 1.5735 yesterday, in line with the positive Interbank sentiment at above +45%, closing the day at 1.5687. Today the British Pound us trading hesitantly and within yesterday's range for the time being. On the 1 hour chart the upward channel is intact, while on the 3 hour chart wide range trading has formed. First resistance is yesterday's peak at 1.5735. Break above it should extend the bullish movement further towards 1.5863. The nearest support level is yesterday's bottom at 1.5651. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5530. Today was UK Gfk consumer confidence at 00:01 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.5735 1.5863 1.6000
Technical support levels: 1.5651 1.5530 1.5400
Trading range: 1.5685 - 1.5755
Trend: Upward
Buy at 1.5695 SL 1.5665 TP 1.5745
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