Pound/Dollar made a moderate increase yesterday. The Cable reached the long target 1.4910, made a top at 1.4983, and closed lower at 1.4897. On the 4 hour chart we have a hanged like formation, followed by 2 bearish candles, which is an indication for a potential descending reversal. At the same time, the CCI indicator is about to break down the 100 line, supporting the scenario of decreasing pressure. Immediate support is represented by the 1.4760 level. Break below this level may cause further bearish momentum towards the region of 1.4625. First resistance is seen at 1.4990.
Technical resistance levels: 1.4990 1.5100 1.5225
Technical support levels: 1.4760 1.4625 1.4500
Trading range: 1.4850 - 1.4775
Sell at 1.4838 SL 1.4868 TP 1.4788
Today we made already +53 pips profit on GBP/USD from the following signal:
6:20 GMT Buy GBP/USD at 1.4823 SL 1.4797 TP 1.4883 exited at 7:05 GMT
Today so far +176, yesterday +174, as shown at www.zifx.com/performance.php