Pound/Dollar made a significant upward movement yesterday. The Cable reached a top at 1.6607, and closed the day at 1.6586. Short term signals are rising, but a major resistance seems to hold the Sterling at 1.6650. Break above this level may lead to further increasing momentum towards next target 1.6790. Consolidating in a narrow range this morning, the currency couple needs to drop below 1.6395 to confirm the current downward correction, which was not unexpected. The CCI indicator crossed down the 100 line on the 1 hour chart, signaling for an insignificant descending pressure with possible testing of the 1.6395 support, followed by 1.6245.
Technical resistance levels: 1.6650 1.6790 1.6900
Technical support levels: 1.6395 1.6245 1.6100
Trading range: 1.6470 - 1.6545
Buy at 1.6481 SL 1.6451 TP 1.6531
Today we made already +52 pips profit on GBP/USD from the following signal:
5:46 GMT+1 Buy GBP/USD at 1.6534 SL 1.6508 TP 1.6594 exited at 7:25 GMT
Today so far +134, yesterday +119, as shown at www.zifx.com/performance.php