Yesterday Pound/Dollar consolidated in a relatively narrow triangle on the 4 hour chart. It happened after rates pulled back from the main resistance just below 1.4950, which was tested twice from the beginning of the year. In the event of a break down below the lower side of the triangle, which is currently approximately coincides with the key immediate support level 1.4595, next downward target is about the upward trend line support at the bottom from 11 March. Currently the trend line in the region of 1.4420. Any break above the upper horizontal side of the triangle, which is currently located on the triple tested 1.4775, could possibly mean that the price may be the next target in repeated testing of that resistance at 1.4980.
Technical resistance levels: 1.4775 1.4900 1.5050
Technical support levels: 1.4640 1.4540 1.4430
Trading range: 1.4670 - 1.4605
Sell at 1.4667 SL 1.4697 TP 1.4617
Today we made already +29 pips profit on GBP/USD from the following signal:
5:49 GMT+1 Sell GBP/USD at 1.4659 SL 1.4685 TP 1.4599 exited at 7:06 GMT
Today so far +112, yesterday +149, as shown at www.zifx.com/performance.php