Cable Recovery Rebounds As Bank of England Keeps Rates Unchanged

GBP/USD Open 1.5324 High 1.5446 Low 1.5249 Close 1.5320 On Wednesday pound/dollar decreased with 125 pips. The Cable depreciated from 1.5375 to 1.5249 yesterday, in line with the negative money flow sentiment at under -8%, closing the day at 1.5320. Today the British pound resumed recovering, lifting up to 1.5446. On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is on hold. First resistance is today’s peak at 1.5446. Break above it should extend the bullish movement further towards the 1.5570. The nearest support level is yesterday’s bottom at 1.5249. Going below it should extend British pound’s reduction further down towards next downward objective 1.5125. Quotes are moving way above the parallel 20 and 50 EMA on the 1 hour chart, indicating strong bullish pressure. The value of the RSI indicator is positive and waving, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals. Technical resistance levels: 1.5446 1.5570 1.5705 Technical support levels: 1.5249 1.5125 1.4990 Today +60 pips gained on EUR/USD from the following signal: 5:30 GMT+1 Up GBP/USD at 1.5328 Limit 1.5302 Target 1.5388, Target reached at 9:34 GMT+1. Today so far +169, total yesterday +93, as shown at the website. Have a great day!

GBP/USD 1 Hour Chart

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