In February Pound/Dollar was unable to continue the downward adjustment and development growth over 1.4900, then sharply decreased. Last week the British currency dramatically increased, but remained within the general downward trend. On the weekly chart a divergence is formed, that carries growth risk for correction of the Cable, while at the same time an absorption is formed. The currency couple managed to remain above the minimum from 2001 and then recovered. On the daily chart the pressure on the Sterling decreased, and there is a risk of further growth if the Pound remains above 1.4300. Of the 4 hour chart after the strong momentum now the GBP/USD fights the resistance of the bearish downward trend line. Strengthening above 1.4600 may provoke growth of the Pound towards the region of 1.4750. Going under 1.4400 will signal for the reduction.
Technical resistance levels: 1.4595 1.4730 1.4900
Technical support levels: 1.4410 1.4255 1.4000
Trading range: 1.4532 - 1.4595
Buy at 1.4532 SL 1.4502 TP 1.4582
Today we made already +60 pips profit on GBP/USD from the following signal:
5:45 GMT Buy GBP/USD at 1.4512 SL 1.4486 TP 1.4572 TP reached at 7:12 GMT
Total on Friday +186, as shown at www.zifx.com/performance.php