31 Mar 2014; GBPUSD
A quick view on the daily chart shows that the up trend of the GU (pound) has plateaued. Will the trend reverse or continue its up trend?
This week, starting on Monday, Ms Yellen is speaking tonight. The message probably has effect on how the intention to raise rates is confirmed by the actual ground data that the US economy is doing well or otherwise. We have unemployment claims on Thursday and unemployment rates on Friday.
What will the EU and UK followed the actions of the Fed? Thursday we have the EU bid rates, ECB conferences.
Today, accordingly to the daily EMA21 which set the support at 1.6600 and 1.6685 the resistance (daily BB(14, 2) ). CCI(14) has flatten - so in a likely case the price will move side in a range of 1.6620 (1 hour chart EMA21) and 1.6660 or otherwise within the support and resistance. So it will be a good to trade buying around 1.660 and 1.6620 and take small profits, abandoning buy position if price goes below 1.6580. Likewise a sell within 1.6650 and 1.6670 and take small profits, abandoning sell position when price goes above 1.6685.
Caution: watch out for news announcement and wait to see if there is disruption of trend above or below the daily support or resistance.
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