GBP/USD in a Small Angle Bullish Channel from Monday
GBP/USD Open 1.6043 High 1.6119 Low 1.5971 Close 1.6048
On Thursday Pound/Dollar decreased with 150 pips, in line with the negative Interbank sentiment at bellow -7%. The Cable depreciated from 1.6119 to 1.5971 yesterday, closing the day at 1.6048. Today the British Pound is with slightly bullish attitude, but movements ate within yesterday's range for now. 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 yesterday's peak at 1.6119. Break above it should extend the bullish movement further towards 1.6241. The nearest support level is yesterday's bottom at 1.5971. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5840. Today is UK CIPS manufacturing index at 8:30 GMT. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is neutral and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6119 1.6241 1.6370
Technical support levels: 1.5971 1.5840 1.5700
Trading range: 1.6050 - 1.6125
Buy at 1.6062 SL 1.6032 TP 1.6112
Already made +45 pips profit on GBP/USD today from the following signal:
5:28 GMT+1 Buy GBP/USD at 1.6052 SL 1.6026 TP 1.6112, exit sent at 7:19 GMT+1.
Today so far +123, yesterday +118, as shown in details at http://www.zifx.com/performance.php.