GBP/USD 1.4069 - 20 January

GBP/USD Open 1.4420 High 1.4906 Low 1.4024 Close 1.4420

Pound/Dollar fell sharply yesterday. The currency pair reached a bottom of 1.4414 and closed at 1.4420. The insignificant ascending channel from last week on the 1 hour chart was breached downwards. During the Asian session today the Sterling reached the minimum level for 7 years against the Dollar, as UK fell deep into recession. Signals remain descending. It seems that the bullish correction is completed for now and the currency couple is ready to continue its descending scenario with objectives towards the region of 1.4000. Short term resistance is 1.4320 followed by 1.4535. The CCI indicator just passed down the 100 line on the daily chart, suggesting potential downward pressure.

Technical resistance levels: 1.4320 1.4535 1.4715

Technical support levels: 1.4000 1.3880 1.3770

Trading range: 1.4080 - 1.4005

Trend: Downward

Sell at 1.4069 SL 1.4099 TP 1.4019

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

5:55 GMT Sell GBP/USD at 1.4333 SL 1.4359 TP 1.4273 TP reached at 5:59 GMT

Today so far +185, yesterday +127, as shown at