GBP/USD Unstable As Investors Await Greek Deadline

GBP/USD Open 1.5798 High 1.5861 Low 1.5749 Close 1.5804

On Friday Pound/Dollar decreased with 110 pips. The Cable depreciated from 1.5861 to 1.5749 on Friday, in converse with the positive Interbank sentiment at almost +35%, closing the week at 1.5804. Today the British Pound is soft, but moving still at the lower end of Friday's range for the time being. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart the upward channel is on hold. First resistance is Friday's peak at 1.5861. Break above it should extend the bullish movement further towards 1.5978. The nearest support level is Friday's bottom at 1.5749. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5631. There are no major economic events for UK today. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all neutral to light short signals.
Technical resistance levels: 1.5861 1.5978 1.6110
Technical support levels: 1.5749 1.5631 1.5500

Trading range: 1.5790 - 1.5715
Trend: Downward
Sell at 1.5777 SL 1.5807 TP 1.5727

Already made +10 pips profit on GBP/USD today from the following sent to clients only signal:
5:18 GMT Buy GBP/USD at 1.5774 SL 1.5748 TP 1.5834, exit sent at 6:58 GMT+1.
Today so far +72, on Friday +142, as shown in details at http://www.zifx.com/performance.php.

Follow us