On Monday Pound/Dollar traded within 70 pip range. The Cable depreciated from 1.6091 to 1.6019 yesterday, in converse with the positive money flow sentiment at almost +17%, closing the day at 1.6067. Today the British Pound recovered from yesterday's losses, reaching up to 1.6097.
On the 1 hour the downward channel has slowed down, while on the 3 hour chart the upward channel is making renewal attempts. First resistance is today's peak at 1.6097. Break above it should extend the bullish movement further towards 1.6220. The nearest support level is yesterday's bottom at 1.6019. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5895.
There are no major economic events for UK today.
Quotes are moving just above the close 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
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