GBP/USD Open 1.6062 High 1.6129 Low 1.5989 Close 1.6057

On Tuesday Pound/Dollar expanded its trading range to 140 pips, moving in line with the morning negative Interbank sentiment at almost -11%. The Cable appreciated from 1.5989 to 1.6129 yesterday, after morning drop, closing the day at 1.6057. Today the British Pound is showing weakness, but movements are still within yesterday's range for the time being. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. First resistance is yesterday's peak at 1.6129. Break above it should extend the bullish movement further towards 1.6262. The nearest support level is today's bottom at 1.5989. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5860. There are no major economic events for UK today. Quotes are moving bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and descending too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6129 1.6262 1.6400
Technical support levels: 1.5989 1.5860 1.5723

Trading range: 1.6030 - 1.5955
Trend: Downward
Sell at 1.6019 SL 1.6049 TP 1.5969

Already made +60 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6084 SL 1.6110 TP 1.6024, TP reached at 7:40 GMT+1.
Today so far +120, yesterday +113, as shown in details at http://www.zifx.com/performance.php.

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