Pound/Dollar was moving hesitantly on Wednesday, forming divergence on the 1 hour chart. Although economic views are pessimistic which should give bearish pressure for the Cable, the downward scenario was limited by the 1.6390 support level, from where the Sterling bounced upwards. Signals are ascending in the short and neutral in the medium term. The longer the currency couple stays below 1.6650, main reversal downward scenario remains intact. First support is yesterday's bottom 1.6390, followed by 1.6265. The nearest resistance is today's top at 1.6590. Break above this level may trigger further bullish momentum with possible test of 1.6700, and may endanger the descending scenario. CCI has crossed up the 100 line on the 1 hour chart, suggesting upward perspectives.
Technical resistance levels: 1.6590 1.6700 1.6825
Technical support levels: 1.6390 1.6265 1.6130
Trading range: 1.6520 - 1.6595
Buy at 1.6533 SL 1.6503 TP 1.6583
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 +55, yesterday +162, as shown at www.zifx.com/performance.php