Technical Analysis Daily: GBP/USD

Daily Forex Technicals | Written by iFOREX.bg | Jan 08 09 09:14 GMT |

GBP/USD 1.5037 GBP/USD Open 1.5053 High 1.5254 Low 1.4812 Close 1.5102 After break of the psychological resistance 1.5100, yesterday the Pound/Dollar made a significant rise, reaching a peak at 1.5279. But further bullish scenario was rejected and the currency pair quickly sank closed the day at 1.5102. Break under 1.5050 could lead to descending movement and perhaps an early stage of completion of the current short bullish corrective trend. The CCI is in the overbought zone and about to go cross down the 100 line on the four hour chart, which suggests potential downward pressure. Today is the meeting of BOE, on which the interest rate are expected to be reduced to 1.5%. Such decision disclosure of the should keep the bulls on excessive activity. Technical resistance levels: 1.5250 1. 5380 1.5500 Technical support levels: 1.4815 1.4725 1.4605 Trading range: 1.5025 - 1.5100 Trend: Upward Buy at 1.5037 SL 1.5007 TP 1.5087 iFOREX.bg Forecasts and Trading Signals http://www.zifx.com