GBP/USD Open 1.6112 High 1.6325 Low 1.6109 Close 1.6331
On Wednesday Pound/Dollar continued decreasing significantly with 300 pips, in converse with the positive Interbank sentiment at almost +14%. The Cable depreciated from 1.6325 to 1.6122 yesterday, closing the day at 1.6331. Today the British Pound descended further, reaching down to 1.6109, than bounced. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart trading is within wide range. First resistance is yesterday's peak at 1.6325. Break above it should extend the bullish movement further towards 1.6450. The nearest support level is today's bottom at 1.6109. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5980. There are no major economic events for UK today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is thinly positive and declining, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6325 1.6450 1.6582
Technical support levels: 1.6109 1.5980 1.5847
Trading range: 1.6200 - 1.6125
Sell at 1.6189 SL 1.6219 TP 1.6139
Already made +47 pips profit on GBP/USD today from the following signal:
6:29 GMT+1 Sell GBP/USD at 1.6203 SL 1.6229 TP 1.6143, exit sent at 8:25 GMT+1.
Today so far +144, yesterday +116, as shown in details at http://www.zifx.com/performance.php.