The upward momentum of the Pound/Dollar also stopped on Monday as expected. On the 1 hour chart the formed ascending wedge was penetrated downwards, indicating potential downward correction. Immediate support is at 1.5790, the break of which may lead to further correctional scenario towards 1.5675. The nearest resistance is yesterday's top 1.5945. Break above this level may lead to further increasing momentum towards the region of 1.6060. The CCI indicator is in the overbought zone and downwards on the daily chart, signaling for potential downward pressure.
Technical resistance levels: 1.5940 1.6055 1.6150
Technical support levels: 1.5830 1.5720 1.5635
Trading range: 1.5870 - 1.5810
Sell at 1.5860 SL 1.5890 TP 1.5820
Today we made already +60 pips profit on GBP/USD from the following signal:
6:57 GMT+1 Sell GBP/USD at 1.5932 SL 1.5958 TP 1.5872 TP reached at 7:41 GMT
Today so far +172, yesterday +128, as shown at www.zifx.com/performance.php