Pound/Dollar dropping slowed down yesterday. The reason for the Cable historical low rates was the biggest loss in British corporate history of the Royal Bank Bank of of Scotland. The currency couple continued to be under pressure, made a bottom at 1.3622 yesterday, but later corrected upwards and closed at 1.3946. The triangular formation on a daily basis was broken downwards. Potential resistance is the underside of the triangle at levels around 1.4045. The free fall of the Pound for the last 3 days can lead to levels below the psychological threshold at 1.3500. Yesterday the currency pair reached 8 year low record at 1.3622, which is a key level. The likelihood of detention around it are not small, because further descent would give negative impact on economies. Technical indicators on a monthly basis show extremely underestimated levels, but we should keep in mind that they can become even more underestimated.
Technical resistance levels: 1.4045 1.4275 1.4500
Technical support levels: 1.3700 1.3680 1.3570
Trading range: 1.3940 - 1.3865
Sell at 1.3929 SL 1.3959 TP 1.3879
Today we made already +60 pips profit on GBP/USD from the following signal:
5:54 GMT Sell GBP/USD at 1.3948 SL 1.3974 TP 1.3888 TP reached at 6:01 GMT
Today so far +157, yesterday +178, as shown at www.zifx.com/performance.php