Pound/Dollar continued the downward movement yesterday, dropping with around 200 pips. The Cable made a bottom at 1.6243 and closed the day at 1.6315. On the 1 hour chart is seen that the currency couple made a new descending channel. Immediate support is seen at 1.6215. Break below this level may trigger further bearish momentum with targets towards 1.6110, followed by possible testing of key support at 1.5980 in the medium term. The nearest resistance is at 1.6370. Break above this zone may renew the recovery of the British currency. The CCI indicator has crossed up the 100 on the 1 hour chart, suggesting potential ascending correctional movement, with possible test of the 1.6115 level.
Technical resistance levels: 1.6370 1.6650 1.6790
Technical support levels: 1.6215 1.6110 1.5980
Trading range: 1.6320 - 1.6380
Buy at 1.6330 SL 1.6300 TP 1.6370
Today we made already +48 pips profit on GBP/USD from the following signal:
6:29 GMT+1 Sell EUR/USD at 1.3851 SL 1.3877 TP 1.3801 exited at 6:39 GMT
Today so far +169, yesterday +163, as shown at www.zifx.com/performance.php