After four consecutive rising days, on Friday sterling lost momentum against the Dollar. The first reason for that is the general strengthening of the dollar against its own basket of paired currencies. The second reason is reaching an area with strong resistance and trend line at the levels around 1.5375. For the third consecutive time we have a formation of an evening falling star on a daily basis, which is a prerequisite for descending movement with initial target 1.4660, followed by 1.4150. The latter target would form a descending channel on a daily basis with the potential of returning towards 1.5100. The CCI indicator crosses down the 100 line on the daily chart indicating downward direction pressure.
Technical resistance levels: 1.5115 1. 5180 1.5300
Technical support levels: 1.4900 1.4810 1.4730
Trading range: 1.4965 - 1.4890
Sell at 1.4953 SL 1.4983 TP 1.4903
Today we made already +51 pips profit on GBP/USD from the following signal:
5:47 GMT Sell GBP/USD at 1.5109 SL 1.5135 TP 1.5049 exited at 7:37 GMT
Today so far +138, on Friday +168, as shown at www.zifx.com/performance.php