GBP/USD Open 1.5983 High 1.6040 Low 1.5954 Close 1.5977

On Monday Pound/Dollar decreased with 85 pips. The Cable depreciated from 1.6040 to 1.5954 yesterday, in line with the negative money flow sentiment at nearly -25%, closing the day at 1.5977. Today the British Pound is trading quietly, with movements at the lower end of yesterday's range for the time being.

On the 1 hour chart the downward channel has turned into a range trading, while on the 3 hour chart quotes are moving within wider range. First resistance is yesterday's peak at 1.6040. Break above it should extend the bullish movement further towards 1.6164. The nearest support level is yesterday's bottom at 1.5954. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5830.

Today are UK Industrial production and Manufacturing output, both at 9:30 GMT respectively.

Quotes are moving bellow the crossing 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is neutral 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: 1.6040 1.6164 1.6300
Technical support levels: 1.5954 1.5830 1.5700

Already made +18 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:16 GMT Sell GBP/USD at 1.5990 SL 1.6016 TP 1.5930, exit sent at 8:31 GMT.
Today so far +63, yesterday +157, as shown at our web site.


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