On Tuesday Pound/Dollar continued decreasing with almost 130 pips. The Cable depreciated from 1.5771 to 1.5643 yesterday, in converse with the positive Interbank sentiment at almost +43%, closing the day at 1.5688. Today the British Pound is correcting upwards, with movements still within yesterday's range for the time being. On the 1 hour chart range trading is forming, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.5771. Break above it should extend the bullish movement further towards 1.5900. The nearest support level is today's bottom at 1.5643. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5520. Today are UK Claimant count, Average earnings, ILO Jobless rate, and BoE quarterly inflation report, at 9:30 and 10:30 GMT respectively. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5771 1.5900 1.6039
Technical support levels: 1.5643 1.5520 1.5388
wait and see huh...
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