GBP/USD Open 1.6323 High 1.6440 Low 1.6307 Close 1.6327
On Wednesday Pound/Dollar decreased with 130 pips, in converse with the positive Interbank sentiment at nearly +11%. The Cable depreciated from 1.6440 to 1.6310 yesterday, closing the day at 1.6327. Today the British Pound is trading quietly, going slightly under yesterday's bottom to 1.6307. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart range trading has formed. First resistance is yesterday's peak at 1.6440. Break above it should extend the bullish movement further towards 1.6567. The nearest support level is today's bottom at 1.6307. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6189. Today are UK CBI retail sales volume balance and Gfk consumer confidence, at 10 and 23 GMT respectively. 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 thinly negative and declining, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6440 1.6567 1.6700
Technical support levels: 1.6307 1.6189 1.6050
Trading range: 1.6350 - 1.6275
Sell at 1.6336 SL 1.6366 TP 1.6286
Already made +11 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6329 SL 1.6303 TP 1.6389, exit sent at 6:53 GMT+1.
Today so far +61, yesterday +103, as shown in detailsat http://www.zifx.com/performance.php.