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Daily Forex Technicals |
Written by ZIFX.com |
Feb 22 12 08:57 GMT
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GBP/USD Unstable And Volnurable
GBP/USD Open 1.5786 High 1.5865 Low 1.5762 Close 1.5776
On Tuesday Pound/Dollar continued decreasing with 90 pips. The Cable depreciated from 1.5865 to 1.5771 yesterday, in converse with the positive Interbank sentiment at almost +55%, closing the day at 1.5776. Today the British Pound weakened slightly further, descending to 1.5762. 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 1.5865. Break above it should extend the bullish movement further towards 1.6000. The nearest support level is today's bottom at 1.5762. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5638. Today is UK BoE meeting minutes at 9:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is thinly negative and hesitant, MACD is negative and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5865 1.6000 1.6133
Technical support levels: 1.5762 1.5638 1.5500
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