12 Mar 2014; GBPUSD
GBPUSD is supported at 1.660, rebound and now hovers between 1.660 and 1.665.
The US stock markets was in red yesterday after weak China news. Commodities were down. But the good news is that US job creation remains good.
Today there will be lack of news. No news from the UK except EUR industrial outputs at 1800hrsSGT.
With the support and resistance clearly ranged from 1.660 and 1.665 by daily EMA21 and EMA55. It will be a good trading within the range if the price is kept within these range. That is a good sell around 1.666 and a good buy around 1.662.
But also expect breakout above these price lines and so, it is good to abandon any open position. The new support and resistance is at 1.650 and 1.673.
Daily CCI(34) shows no indication of a over sold and suggest a continued down trend. Likewise daily CCI(14) shows no clear sign of a up trend reversal.
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