GBP/USD Open 1.5040 High 1.5196 Low 1.4975 Close 1.5063
Pound/Dollar descended insignificantly on Monday, as sentiment remains unclear, and risk investors are looking for incoming data to point direction. The Cable rose to 1.5193, from where it started depreciating down to 1.5029, closing the day at 1.5063. Today’s focus is on UK goods trade and Non-EU trade at 9:30 GMT. After testing the upper limit of the bearish channel on the 3 hour chart at 1.5188 yesterday, today quotes are back on the bearish track, and our expectations are for the descending trend to continue towards next target downwards 1.4867. First resistance is 1.5085, followed by Monday’s peak at 1.5196. Going above that level may shake the integrity of the bearish channel. Quotes are currently moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI, MACD and CCI indicators are all negative and calm, giving overall neutral signals.
Technical resistance levels: 1.5085 1.5196 1.5300
Technical support levels: 1.4975 1.4867 1.4750
Trading range: 1.5040 – 1.4965
Trend: Downward
Sell at 1.5026 SL 1.5056 TP 1.4976
Written by iFOREX.bg
