The Pound/Dollar managed to make the upward movement on Friday and headed towards 50% correction of the downward movement from 1.5316 to 1.5480, towards 1.4950. Indicators, however, clearly show that the currency couple is in the overbought area, which shows that the Cable can make descending movement once again. However, if the Sterling reaches the breaks and solid levels around 1.4950, we can expect to reach 61.7% correction at the 1.5040 level. Trading range today is between the key support level 1.4620 and the key resistance level 1.5000 . General trend is descending with targets towards 1.4400, a break of which would lead further down to 1.4280.
Technical resistance levels: 1.5000 1.5150 1.5290
Technical support levels: 1.4620 1.4400 1.4280
Trading range: 1.4695 - 1.4620
Sell at 1.4684 SL 1.4714 TP 1.4634
Today we made already +60 pips profit on GBP/USD from the following signal:
5:45 GMT Buy GBP/USD at 1.4833 SL 1.4807 TP 1.4893 TP reached at 6:22 GMT
Today so far +127, on Friday +152, as shown at www.zifx.com/performance.php