Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

GBP/USD Consolidates After Friday's Lift

Published 09/03/2012, 03:33 AM
Updated 01/01/2017, 02:20 AM
GBP/USD Open 1.5786 High 1.5896 Low 1.5777 Close 1.5869

On Friday GBP/USD increased with 120 pips. The cable appreciated from 1.5777 to 1.5896 on Friday, in line with the positive money flow sentiment at almost nearly +19%, closing the 5869 at 1.5783. Today the British pound is trading quietly, with movements at the upper end of Friday's range for the time being.

On the 1-hour the upward channel is still on hold, while on the 3-hour chart small angle upward channel has formed. First resistance is Friday's peak at 1.5896. Break above it should extend the bullish movement further towards 1.6020. The nearest support level is Friday's bottom at 1.5777. Going below it should extend British pound's reduction further down towards next downward objective 1.5655.

Today is UK CIPS manufacturing index at 8:30 GMT.

Quotes are moving just above the 20 and 50 EMA on the 1-hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and calm, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.

Technical resistance levels: 1.5896 1.6020 1.6152
Technical support levels: 1.5777 1.5655 1.5520
<span class=GBP/USD Chart" title="GBP/USD Chart">

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.