GBP/USD Open 1.5945 High 1.6208 Low 1.5920 Close 1.5940
On Tuesday Pound/Dollar resumed decreasing strongly after the morning climb with almost 290 pips, in line with the negative Interbank sentiment at almost -26%. The Cable depreciated from 1.6208 to 1.5920 yesterday, closing the day at 1.5940. Today the British Pound is trading quietly, with movements within yesterday's range for the time being. On the 1 hour chart the downward channel is intact, while on the 3 hour chart quotes are moving within wide range. First resistance is yesterday's peak at 1.6208. Break above it should extend the bullish movement further towards 1.6341. The nearest support level is yesterday's bottom at 1.5920. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5800. Today are UK Industrial production and Manufacturing output, both at 08:30 GMT. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is positive and declining, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6208 1.6341 1.6477
Technical support levels: 1.5920 1.5800 1.5667
Trading range: 1.5960 - 1.6035
Buy at 1.5973 SL 1.5943 TP 1.6023
Already made +22 pips profit on GBP/USD today from the following sent to clients only signal:
5:26 GMT+1 Sell GBP/USD at 1.5988 SL 1.6014 TP 1.5928, exit sent at 7:09 GMT+1.
Today so far +76, yesterday +124, as shown in details at http://www.zifx.com/performance.php.