GBP/USD Open 1.6247 High 1.6338 Low 1.6217 Close 1.6246
On Wednesday Pound/Dollar decreased with nearly 110 pips, in line with the positive Interbank sentiment at bellow -3%. The Cable depreciated from 1.6338 to 1.6229 yesterday, closing the day at 1.6246. Today the British Pound weakened even further, dropping down to 1.6217. On the 1 hour chart quotes have moved into a trading range, while on the 3 hour chart the upward channel has slowed down. First resistance is yesterday's peak at 1.6338. Break above it should extend the bullish movement further towards 1.6460. The nearest support level is today's bottom at 1.6217. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. Today was UK Nationwide house price index and CIPS manufacturing index, at 6 and 8:30 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 negative and calm, MACD is positive and declining, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6338 1.6460 1.6600
Technical support levels: 1.6217 1.6100 1.5967
Trading range: 1.6255 - 1.6180
Sell at 1.6243 SL 1.6273 TP 1.6193
Already made +15 pips profit on GBP/USD today from the following sent to clients only signal:
5:30 GMT+1 Sell GBP/USD at 1.6245 SL 1.6271 TP 1.6185, exit sent at 6:36 GMT+1.
Today so far +105, yesterday +114, as shown in details at http://www.zifx.com/performance.php.