On Friday GBP/USD traded within 70 pip range,GBP appreciated from 1.6234 to 1.6307 on Friday, closing the week at 1.6263.
Today GBP is trading hesitantly and within Friday’s range for now. On the 1 hour chart the small angle wide upward channel is intact, while on the 3 hour chart the upward channel has renewed.
First resistance is Friday’s peak at 1.6307. Break above it should extend the bullish movement further towards the 1.6452. The nearest support is Friday’s bottom at 1.6234. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.6100.
There are no major economic events for UK today. Quotes have just moved above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6307 1.6452 1.6584. Technical support levels: 1.6234 1.6100 1.5977. Trading range: 1.6270 – 1.6345. Trend: Upward. Recommedation buy at 1.6281 SL 1.6251 TP 1.6331 (ibtimes)