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
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 www.zifx.com/performance.php