GBP/USD Open 1.5013 High 1.5196 Low 1.4975 Close 1.4995
Pound/Dollar slipped bellow 1.5 on Tuesday on Goods trade data. The Cable dropped down to to 1.4938, from where it corrected up to 1.5015, closing the day at 1.4995. Today’s focus is on UK Industrial production and Manufacturing at 9:30 GMT. Today the weakening of the British Pound continued as expected, down 1.4886, and our expectations are for the bearish trend seen on the 3 hour chart to continue towards next objective downwards 1.4867. Immediate resistance is yesterday’s top at 1.5016, followed by 1.5086. Going above Monday’s top 1.5193 may lead to further recovery of the Sterling. Quotes are currently moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is negative and rising, MACD is negative and declining, while CCI is negative and calm, giving overall short signals.
Technical resistance levels: 1.5016 1.5086 1.5193
Technical support levels: 1.4886 1.4750 1.4656
Trading range: 1.4950 – 1.4875
Trend: Downward
Sell at 1.4936 SL 1.4966 TP 1.4886
Written by iFOREX.bg
