GBP/USD 1.4246 - 19 March

GBP/USD Open 1.4280 High 1.4337 Low 1.3868 Close 1.4294

Economic data for the UK are becoming darker and gloomier. Unemployment shows considerable growth. Levels reached were like those in 1971. In such circumstances is difficult to make conclusions about the Cable. But the forex market has its own internal logic, which often differs from the economic realities. A descending triangle is formed on the daily chart for the currency couple. Top of the formation is close. Volatility has fallen substantially. Frames in which quotes may move before the consolidation is impaired is 1.3740 - 1.4242. The upward movement from yesterday developed a strong trend line and started to decrease smoothly. Short term support level is 1.4100, followed by 1.3750. Immediate resistance level is 1.4340 followed by 1.4500.

Technical resistance levels: 1.4075 1.4230 1.4360

Technical support levels: 1.3910 1.3775 1.3630

Trading range: 1.4235 - 1.4320

Trend: Upward

Buy at 1.4246 SL 1.4216 TP 1.4306

Today we made already +60 pips profit on GBP/USD from the following signal:

6:03 GMT GBP/USD at 1.4180 SL 1.4154 TP 1.4240 TP reached at 6:37 GMT

Today so far +146, yesterday +80, as shown at