GBP/USD Open 1.6381 High 1.6410 Low 1.6254 Close 1.6387

On Monday Pound/Dollar increased with 150 pips, in line with the positive Interbank sentiment at over +14%. The Cable appreciated from 1.6254 to 1.6410 yesterday, closing the day at 1.6387. Today the British Pound is correcting downwards, with movements still within yesterday's range for the time being. On the 1 hour range trading has formed, while on the 3 hour chart trading is within wider range. First resistance is yesterday's peak at 1.6410. Break above it should extend the bullish movement further towards 1.6542. The nearest support level is yesterday's bottom at 1.6254. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6122. Today are UK HICP, Retail prices, RPI-X, and Nationwide consumer confidence, at 8:30 and 23 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and calm, MACD is positive and declining, while CCI is has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6410 1.6542 1.6673
Technical support levels: 1.6254 1.6122 1.5986

Trading range: 1.6355 - 1.6285
Trend: Downward
Sell at 1.6345 SL 1.6375 TP 1.6295

Already made +18 pips profit on GBP/USD today from the following signal:
7:04 GMT+1 Sell GBP/USD at 1.6342 SL 1.6368 TP 1.6282, exit sent at 7:41 GMT+1.
Today so far +122, yesterday +112, as shown in details at http://www.zifx.com/performance.php.

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