Pound/Dollar fell sharply yesterday to a new 7 and a half year low record with a loss of almost 2000 pips since Monday. The currency pair reached a bottom of 1.3859 and closed at 1.3880. The insignificant ascending channel from last week on the 1 hour chart was broken downwards. UK's recession is not a surprise in the view of the global crisis, but experts worry of how deep it may go. Signals remain descending. It seems that the bullish correction was completed last week and the currency couple is ready to continue its descending scenario with objectives towards the region of 1.3700. Short term resistance is 1.4040 followed by 1.4275. The CCI indicator passed down the 100 line on the daily chart, suggesting potential downward pressure.
Technical resistance levels: 1.4040 1.4275 1.4500
Technical support levels: 1.3700 1.3680 1.3570
Trading range: 1.3810 - 1.3735
Sell at 1.3798 SL 1.3828 TP 1.3748
Today we made already +60 pips profit on GBP/USD from the following signal:
5:49 GMT Sell GBP/USD at 1.3982 SL 1.4008 TP 1.3922 TP reached at 6:21 GMT
Today so far +178, yesterday +185, as shown at www.zifx.com/performance.php