GBP/USD Open 1.5020 High 1.5076 Low 1.4863 Close 1.4970
Pound/Dollar traded hesitantly on Tuesday within the 1.4863 – 1.5032 range, closing the day at 1.4970. Today at 9:30 is the CIPS services, and BOE meeting begins. On the 3 hour chart the Cable is still moving within the well formed bearish channel, and our expectations are for the downtrend to continue, especially if we see break bellow Monday’s bottom at 1.4777. The nearest resistance is this morning’s peak at 1.5076, followed by 1.5180. Quotes are currently moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating insignificant bearish pressure. The value of RSI, MACD and CCI indicators are all positive and slightly inclining upwards on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5076 1.5180 1.5275
Technical support levels: 1.4863 1.4777 1.4655
Trading range: 1.5025 – 1.4950
Sell at 1.5012 SL 1.5042 TP 1.4962
Written by iFOREX.bg