GBP/USD 1.6651 - 10 August

GBP/USD Open 1.6686 High 1.6572 Low 1.6339 Close 1.6681

Pound/Dollar continued the downward movement on Friday. The bearish impulse was limited at the 1.6661, closing the week at 1.6681. Today, signals for the Sterling continue to be descending, and our preferable short term trend scenario is downwards, and neutral in the medium term. A convincing movement above the first resistance at 1.6575 will confirm the ascending scenario and may trigger further upward impulse towards 1.6700. Immediate support is is Friday's bottom at 1.6660. Break bellow that level might trigger further bearish momentum with possible testing of 1.6535. The CCI indicator crossed down the 100 line on the 1 hour chart, assuming potential bearish pressure.

Technical resistance levels: 1.6780 1.6900 1.7035

Technical support levels: 1.6660 1.6535 1.6400

Trading range: 1.6665 - 1.6590

Trend: Downward

Sell at 1.6651 SL 1.6681 TP 1.6601

+59 pips profit on GBP/USD today from the following signal:

5:38 GMT+1 Sell GBP/USD at 1.6714 SL 1.6740 TP 1.6654 exited at 7:11 GMT