After several days of indecisive movement, yesterday Pound/Dollar showed a decreasing momentum. On the 4 hour chart after the breaking down the bottom triangle formation, the Cable reached a bottom at 1.6324 and closed the day at 1.6340. Signals remain descending for the time being, and quotes may test again the lower trend line. Short term support is seen at 1.6245. Break below this level may cause further bearish movement towards 1.4590 and 1.4500. Immediate resistance is at 1.6370. The CCI indicator is in the neutral zone on the 1 and downwards on the the 4 hour chart, indicating potential downward pressure.
Technical resistance levels: 1.6370 1.6500 1.6630
Technical support levels: 1.6245 1.6135 1.6000
Trading range: 1.6335 - 1.6265
Sell at 1.6325 SL 1.6355 TP 1.6275
Today we made already +60 pips profit on GBP/USD from the following signal:
5:43 GMT+1 Sell GBP/USD at 1.6330 SL 1.6356 TP 1.6270 TP reached at 6:59 GMT
Today so far +154, yesterday +174, as shown at www.zifx.com/performance.php