GBP/USD Open 1.5756 High 1.5797 Low 1.5699 Close 1.5758
On Tuesday Pound/Dollar resumed increasing with almost 100 pips. The Cable appreciated from 1.5699 to 1.5797 yesterday, in line with the positive Interbank sentiment at above +54%, closing the day at 1.5758. Today the British Pound is correcting downwards, with movements at the lower end of yesterday's range for the time being. On the 1 hour chart the upward channel looks good, while on the 3 hour chart quotes are testing the upper limit of the wide trading range. First resistance is yesterday's peak at 1.5797. Break above it should extend the bullish movement further towards 1.5924. The nearest support level is yesterday's bottom at 1.5699. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5579. Today are UK Nationwide house price and CIPS manufacturing indexes, at 7 and 9:30 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 hesitant, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.5797 1.5924 1.6060
Technical support levels: 1.5699 1.5579 1.5443
Trading range: 1.5755 - 1.5680
Sell at 1.5741 SL 1.5771 TP 1.5691
Already made +44 pips profit on GBP/USD today from the following sent to clients only signal:
5:20 GMT Sell GBP/USD at 1.5754 SL 1.5780 TP 1.5694, exit sent at 7:37 GMT+1.
Today so far +127, yesterday +97, as shown in details at http://www.zifx.com/performance.php.