GBP/USD 1.5992 - 1 October

GBP/USD Open 1.6007 High 1.6118 Low 1.5909 Close 1.5982

On Wednesday Pound/Dollar corrected upwards, reaching a peak at 1.6118, as expected in our forecast, closing the day at 1.5982. On the 1 hour chart the Cable rose up to the 1.6100 psychological level. Convincing break above that level may potentially threaten the current bearish outlook, and strengthen the Pound further towards next target 1.6240. Immediate support is the bottom from 29 September 1.5910, the break of which may lead to further weakening of the British currency towards 1.5800. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting upward prospects.

Technical resistance levels: 1.6120 1.6240 1.6365

Technical support levels: 1.5910 1.5800 1.5670

Trading range: 1.6005 - 1.5930

Trend: Downward

Sell at 1.5992 SL 1.6022 TP 1.5942

Already made +34 pips profit on GBP/USD today from the following signal:

5:33 GMT+1 Sell GBP/USD at 1.5957 SL 1.5983 TP 1.5897 exited at 6:49 GMT

Today so far +135, yesterday +107, as shown at www.zifx.com/performance.php

/