After the break of the rectangle at 1.5980, yesterday Pound/Dollar showed an increasing momentum, reaching a top at 1.6085, but the bullish impulse ran out of steam, and the Cable closed lower at 1.5961. Now the Sterling returns into the secondary downward correctional mode. If the price moves consistently above 1.6050 today, we can see further increasing pressure with possible test of 1.6130. Immediate support is Tuesday's bottom 1.5825. Break below this level may trigger further descending pressure towards the region of 1.5700. The CCI indicator has crossed down the 100 line on the 4 hour chart, signaling for potential downwards pressure.
Technical resistance levels: 1.6050 1.6130 1.6250
Technical support levels: 1.5825 1.5700 1.5585
Trading range: 1.5885 - 1.5960
Buy at 1.5898 SL 1.5868 TP 1.5948
Today we made already +60 pips profit on GBP/USD from the following signal:
6:57 GMT+1 Sell GBP/USD at 1.5946 SL 1.5972 TP 1.5886 TP reached at 8:03 GMT
Today so far +161, yesterday +145, as shown at www.zifx.com/performance.php