Pound/Dollar also showed a significant increasing momentum this week and from the medium term view point the Cable should now be ready for further bullish scenario towards 1.6100, which is Fibonacci climb from 2.0400 to 1.3500. On the daily chart, however, there is a hanging formation, therefore, be careful for potential downward correction. Immediate support is 1.5750. The nearest resistance is 1.5900. The CCI indicator is in the overbought zone on the daily chart, suggesting a potential descending reversal scenario.
Technical resistance levels: 1.5900 1.6020 1.6150
Technical support levels: 1.5750 1.5635 1.5475
Trading range: 1.5810 - 1.5735
Sell at 1.5799 SL 1.5829 TP 1.5749
Today we made already +51 pips profit on GBP/USD from the following signal:
5:45 GMT+1 Buy GBP/USD at 1.5842 SL 1.5816 TP 1.5902 exited at 7:31 GMT
Today so far +174, yesterday +191, as shown at www.zifx.com/performance.php