Technical Analysis Daily: GBP/USD

GBP/USD 1.4892

GBP/USD Open 1.4908 High 1.4994 Low 1.4520 Close 1.4914

Unlike the Euro, the Pound failed to keep the descendants scenario yesterday. The currency couple made a bottom at 1.4520, and from there a rising movement of over 450 pips, reaching a top at 1.4994 and closing at 1.4914. On the one hour chart we can see how after the downward movement from 17 December, the bearish force temporarily stopped and now it seems the couple moves into a rectangle, indicating that the Cable is in upward correctional mode. Today the signals are neutral, but in the long term the bearish scenario is maintained. Successive movement above 1.5000 may lead to rising momentum and can be seen as a violation of decreasing scenario. The CCI indicator is in the overbought zone and downwards to the one hour chart, which suggests potential descending pressure.

Technical resistance levels: 1.4970 1. 5080 1.5200
Technical support levels: 1.4775 1.4625 1.4505

Trading range: 1.4905 - 1.4830

Trend: Downward

Sell at 1.4892 SL 1.4922 TP 1.4842

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