Pound/Dollar traded hesitantly on Tuesday, forming divergence on the 4 hour chart. Today the inflation report from BOE is expected, which may be an important market movements catalyst. After the decision to continue the program for the 175 billion pounds last Thursday, a similar statement today is expected, and the Cable could remain under pressure. After the significant decreasing movement the Sterling consolidated, trading currently within range. Breach of any country should give us a clearer direction. Break up, however, should cause further increasing pressure to the region of 1.6660. Immediate support is today's bottom at 1.6391. Break bellow that level may trigger further decreasing towards 1.6265. First resistance is yesterday's top at 1.6524. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 1.6525 1.6675 1.6800
Technical support levels: 1.6390 1.6265 1.6130
Trading range: 1.6440 - 1.6370
Sell at 1.6430 SL 1.6460 TP 1.6380
Already made +60 pips profit on GBP/USD today from the following signal:
5:38 GMT+1 Sell GBP/USD at 1.6496 SL 1.6522 TP 1.6436 TP reached at 7:48 GMT
Today so far +162, yesterday +109, as shown at www.zifx.com/performance.php