GBP/USD Open 1.6064 High 1.6138 Low 1.5986 Close 1.6067
On Friday Pound/Dollar traded within 110 pip range, in line with the morning negative Interbank sentiment at bellow -10%. The Cable depreciated from 1.6097 to 1.5986 on Friday, closing the week at 1.6067. Today the British Pound is making further recovery attempts, pushing up to 1.6138. 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 today's peak at 1.6138. Break above it should extend the bullish movement further towards 1.6262. The nearest support level is Friday's bottom at 1.5986. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5855. There are no major economic events for UK today. Quotes are moving above the almost even 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and inclining upwards, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6138 1.6262 1.6400
Technical support levels: 1.5986 1.5855 1.5720
Trading range: 1.6095 - 1.6170
Buy at 1.6109 SL 1.6079 TP 1.6159
Already made +54 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6084 SL 1.6058 TP 1.6144, exit sent at 7:57 GMT+1.
Today so far +124, on Friday +123, as shown in details at http://www.zifx.com/performance.php.