GBP/USD Recovery Indicators Strengthen

By @ibtimes on

GBP/USD Open 1.5704 High 1.5755 Low 1.5653 Close 1.5709

On Monday Pound/Dollar adjusted strongly downwards with 90 pips. The Cable depreciated from 1.5745 to 1.5653 yesterday, in converse with the positive Interbank sentiment at almost +46%, closing the day at 1.5709. Today the British Pound is pushing up, climbing up to 1.5755. 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 today's peak at 1.5755. Break above it should extend the bullish movement further towards 1.5873. The nearest support level is yesterday's bottom at 1.5653. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5531. Today are UK Gfk consumer confidence, M4 money supply and Consumer credit, at 0:01 and 9:30 GMT respectively. Quotes are moving just above the twisted 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.5755 1.5873 1.6010
Technical support levels: 1.5653 1.5531 1.5400

Trading range: 1.5725 - 1.5800
Trend: Upward
Buy at 1.5736 SL 1.5706 TP 1.5786

Already made +20 pips profit on GBP/USD today from the following sent to clients only signal:
5:19 GMT Buy GBP/USD at 1.5733 SL 1.5707 TP 1.5793, exit sent at 7:19 GMT+1.
Today so far +45, yesterday +150, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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