GBP-USD Technical resistance levels april 17 2012

forex trading outlook today - GBP-USD Technical resistance levels april 17 2012 : On Monday GBP/USD increased with almost 100 pips. The cable appreciated from 1.5817 to 1.5912 yesterday, in line with the positive Interbank sentiment at over +39%, closing the day at 1.5898. Today the British pound renewed recovering, reaching up to 1.5917. On the 1-hour chart range trading has formed, while on the 3-hour chart quotes are moving within wider trading range.

First resistance is today's peak at 1.5917. Break above it should extend the bullish movement further towards 1.6036. The nearest support level is yesterday's bottom at 1.5817. Going below it should extend British pound's reduction further down towards next downward objective 1.5692. Today are UK HICP, Retail prices and RPI-X, all at 8:30 GMT.

Quotes are moving just above the twisted 20 and 50 EMA on the 1-hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and hesitant, MACD is thinly positive and tranquil, while CCI is in line with the 100 line on the 1-hour chart, giving over all neutral to light long signals.

Technical resistance levels: 1.5917 1.6040 1.6174
Technical support levels: 1.5817 1.5692 1.5560

Economic news to watch april 17 2012
Building Permits in the US and CPI in the UK are the main events lined up. Let’s see what awaits us today. In the US, Building Permits, It’s an outstanding future construction activity indicator to measure the new residential building permits that were issued on the past month, 0.71M similar to March.

More in the US, Housing Starts, value the new residential constructions that began building, rise of 0.1M from the last month is forecasted up to 0.71M this time.

Later in the US, Capacity Utilization Rate, consumer inflation indicator that measures by percentage the manufacturers, mines, and utilities’ available resources, 78.6% is predicted, 0.1% less from the previous month.

Finally in the US, Industrial Production, the value of manufacturers, mines, and utilities’ output, due to rise up to 0.4% now.

In Canada, Bank of Canada (BOC) Rate Statement, the primary tool that BOC uses to communicate with investors regarding monetary policy and decision on interest rates, it also discusses the financial outlook for the future decisions. Meanwhile on no change on the Overnight Rate is likely and 1.00% is due to remain with no change from the previous months.

More in Canada, Manufacturing Sales, value of manufacturer’s sales, -0.1% is predicted, rise of 0.8% from March.

Finally in Canada, New Motor Vehicle Sales consumer confidence sign that is due to reduce from 15.4% on the last month down to -2.3% this time.

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