Bearish GBP/USD Bellow 1.587 Resistance

By @ibtimes on

GBP/USD Open 1.5788 High 1.5869 Low 1.5730 Close 1.5798

On Thursday Pound/Dollar increased with 140 pips, in converse with the negative Interbank sentiment at almost -45%. The Cable appreciated from 1.5730 to 1.5869 yesterday, closing the day at 1.5798. Today the British Pound is trading with a slight decline, but within yesterday's range for the time being. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the new downward channel looks good. First resistance is yesterday's peak at 1.5869. Break above it should extend the bullish movement further towards 1.6000. The nearest support level is yesterday's bottom at 1.5730. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5600. 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 negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5869 1.6000 1.6141
Technical support levels: 1.5730 1.5600 1.5462

Trading range: 1.5790 - 1.5715
Trend: Downward
Sell at 1.5778 SL 1.5808 TP 1.5728

Already made +20 pips profit on GBP/USD today from the following sent to clients only signal:
8:05 GMT+1 Sell GBP/USD at 1.5783 SL 1.5809 TP 1.5723, exit sent at 8:16 GMT+1.
Today so far +74, yesterday +115, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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