GBP/USD Open 1.6006 High 1.6092 Low 1.5943 Close 1.6001
On Wednesday Pound/Dollar renewed weakening with 140 pips, in line with the negative Interbank sentiment at almost -10%. The Cable depreciated from 1.6092 to 1.5945 yesterday, closing the day at 1.6001. Today the British Pound continued weakening, reaching slightly further down to 1.5943. On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel is making resuming attempts. First resistance is yesterday's peak at 1.6092. Break above it should extend the bullish movement further towards 1.6220. The nearest support level is today's bottom at 1.5945. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5826. Today are UK Halifax house price index, Industrial production, Manufacturing output, and BoE meeting announcement, at 7, 8, 8:30 and 11 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6092 1.6220 1.6353
Technical support levels: 1.5943 1.5826 1.5700
Trading range: 1.5995 - 1.5925
Sell at 1.5985 SL 1.6015 TP 1.5935
Already made +45 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.5988 SL 1.6014 TP 1.5928, exit sent at 6:48 GMT+1.
Today so far +111, yesterday +113, as shown in details at http://www.zifx.com/performance.php.