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Daily Forex Technicals |
Written by ZIFX.com |
Feb 10 12 08:55 GMT
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Unstable GBP/USD In Unclear European Situation
GBP/USD Open 1.5807 High 1.5886 Low 1.5766 Close 1.5814
On Thursday Pound/Dollar traded within almost 100 pip range. The Cable appreciated from 1.5792 to 1.5886 yesterday, in line with the positive Interbank sentiment at almost +53%, closing the day at 1.5814. Today the British Pound lost all Thursday's gains, descending down to 1.5766. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart the upward channel has slowed down. First resistance is yesterday's peak at 1.5886. Break above it should extend the bullish movement further towards 1.6012. The nearest support level is today's bottom at 1.5781. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5660. Today are UK PPI Output and Input, both at 9:30 GMT. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.5886 1.6012 1.6140
Technical support levels: 1.5766 1.5640 1.5500
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