On Thursday Pound/Dollar made a rising effort, reaching a peak at 1.6665, where the upward momentum was stopped, closing the day at 1.6577. This was not surprising, since 1.6665 is an important resistance level. On the 1 hour chart is seen that the ascending secondary channel was broken and the Cable continued its descending channel, so we may expect possible testing of the support and bottom from Wednesday 1.6430. Further bearish momentum may be triggered if the descending channel remains valid. The nearest resistance is yesterday's top at 1.6655. Break above this level could trigger further upward impulse with possible testing of 1.6770. 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: 1.6665 1.6785 1.6900
Trading range: 1.6485 - 1.6555
Buy at 1.6495 SL 1.6465 TP 1.6545
Already made +60 pips profit on GBP/USD today from the following signal:
5:43 GMT+1 Sell GBP/USD at 1.6572 SL 1.6598 TP 1.6512 TP reached at 8:21 GMT
Today so far +138, yesterday +55, as shown at www.zifx.com/performance.php