GBP/USD Analysis:
This morning UK Consumer Confidence enjoyed its biggest monthly boost in more than 14 years in September as people grew more optimistic about the economic outlook than at any time in the past decade.
Coupled with yesterday news, it seemed that the series of good news brought a halt to the decline of the pound. It swing back from a low of 1.577 on Monday.
CCI should cut the lower BB today, given the spur from the good Consumer Confidence report. This means a stronger confidence for the pound to assume its move up. BUT the constraint comes with the daily EMA200 that sits right above at 1.602. A good breakout is needed at 1.604, before it can touch resistance at 1.61 then 1.62.
Support is at 1.58, then 1.55.
Trend: UP. It will be safe to play long before the resistance at 1.604 and support at 1.58
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