Pound/Dollar made a significant increasing movement on Thursday with around 350 pips. The Cable broke up the 1.6300 resistance level, reached a top at 1.6370, and closed the day lower at 1.6331. Today the Sterling is correcting downwards, but short term signals are neutral. As long as the currency couple stays below 1.6370 our preferable scenario descending with possible test of the first support today and bottom from 8 July 1.6025. Break below this level may trigger further bearish impulse towards next objective 1.5900. Break above the 1.6370 resistance may lead the British Pound into further recovery. The CCI indicator has just crossed down the 100 line on the 1 hour chart, signaling for decreasing prospects.
Technical resistance levels: 1.6370 1.6500 1.6650
Technical support levels: 1.6025 1.5900 1.5775
Trading range: 1.6300 - 1.6225
Sell at 1.6287 SL 1.6317 TP 1.6237
Yesterday made already +32 pips profit on GBP/USD from the following signal:
6:47 GMT+1 Buy GBP/USD at 1.6280 SL 1.6254 TP 1.6340 exited at 7:30 GMT
Today so far +162, yesterday +131, as shown at www.zifx.com/performance.php