GBP/USD Open 1.6074 High 1.6098 Low 1.5894 Close 1.6062

On Friday Pound/Dollar increased with 200 pips. The Cable appreciated from 1.5894 to 1.6094 on Friday, in line with the positive Interbank sentiment at above +23%, closing the week at 1.6062. Today the British Pound pushed slightly up again, reaching 1.6098, than commenced deep correction. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is on hold. First resistance is today's peak at 1.6098. Break above it should extend the bullish movement further towards 1.6220. The nearest support level is Friday's bottom at 1.5894. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5770. There are no major economic events for UK today. 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 declining, MACD is positive and declining, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6098 1.6220 1.6353
Technical support levels: 1.5894 1.5770 1.5636

Trading range: 1.6020 - 1.5945
Trend: Downward
Sell at 1.6007 SL 1.6037 TP 1.5957

Already made +17 pips profit on GBP/USD today from the following sent to clients only signal:
5:23 GMT Buy GBP/USD at 1.6059 SL 1.6033 TP 1.6119, exit sent at 7:07 GMT+1.
Today so far +89, on Friday +106, as shown in details at http://www.zifx.com/performance.php.

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