Last week Pound/Dollar attempted to rise, but strengthening above the key resistance level 1.5050 could not be achieved. On the week we chart there is a consolidation of the Cable, caused by the inability of the Sterling to develop growth. After violations of the trend line on 4 hour chart, the currency couple reached a bottom at 1.4500 and closed yesterday at 1.4537. Short term signals are descending, with targets towards the region of 1.4430. However, The CCI indicator, is in the oversold area and upwards of 4 hour chart, assuming potential increasing pressure with test of the immediate resistance 1.4580. Break above this level may lead to further upward adjustment.
Technical resistance levels: 1.4580 1.4700 1.825
Technical support levels: 1.4430 1.4400 1.4285
Trading range: 1.4580 - 1.4505
Sell at 1.4567 SL 1.4597 TP 1.4517
Today we made already +60 pips profit on GBP/USD from the following signal:
5:43 GMT+1 Sell GBP/USD at 1.4574 SL 1.4600 TP 1.4514 TP reached at 7:39 GMT
Today so far +158, yesterday +144, as shown at www.zifx.com/performance.php