Bearish GBP/USD If Support At 1.5418 Breaks

By @ibtimes on

GBP/USD Open 1.5431 High 1.5606 Low 1.5418 Close 1.5428

On Monday Pound/Dollar decreased significantly with 190 pips, in converse with the positive Interbank sentiment at over +2%. The Cable depreciated from 1.5606 to 1.5418 yesterday, closing the day at 1.5428. Today the British Pound is moving quietly for the time being, at the lower side of yesterday's range, but may start pushing down soon. On the 1 hour chart the downward channel is making renewal attempts, while on the 3 hour chart the downward channel has resumed. First resistance is yesterday's peak at 1.5606. Break above it should extend the bullish movement further towards 1.5730. The nearest support level is yesterday's bottom at 1.5418. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5300. There are no major economic events for UK today. Quotes are moving just bellow the 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 negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.5606 1.5730 1.5867
Technical support levels: 1.5418 1.5300 1.5164

Trading range: 1.5450 - 1.5380
Trend: Downward
Sell at 1.5440 SL 1.5470 TP 1.5390

Already made +17 pips profit on GBP/USD today from the following sent to clients only signal:
5:28 GMT+1 Sell GBP/USD at 1.5442 SL 1.5468 TP 1.5382, exit sent at 8:20 GMT+1.
Today so far +107, yesterday +107, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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