Pound/Dollar continued to move in close range 1.4502 - 1.4775. Short lull may soon be broken. The 4 hour candles are small in the ascending direction, showing how great is the indecision of the players, what the tension level is, and the expectation of a catalyst for movement direction. In such a situation is very difficult to trade long term. The best solution for now is short transactions with 30 - 40 pips, and waiting on another opportunity. On the 4 hour chart a head and shoulders figure is formed, which as we know carries risk of descending movement. Current targets for that scenario are towards 1.4300. Short term support is 1.4510, followed by 1.4400. Immediate resistance is 1.4655, and then 1.4770.
Technical resistance levels: 1.4655 1.4770 1.4900
Technical support levels: 1.4510 1.4400 1.4265
Trading range: 1.4650 - 1.4575
Sell at 1.4636 SL 1.4666 TP 1.4586
Today we made already +25 pips profit on GBP/USD from the following signal:
5:48 GMT Sell GBP/USD at 1.4597 SL 1.4623 TP 1.4537 exited at 6:38 GMT
Today so far +143, yesterday +117, as shown at www.zifx.com/performance.php