After the significant upward correction over the last week, yesterday, Pound/Dollar stopped rising. The currency couple made a peak at 1.4485, hit the 1.4050 bottom, and closed at 1.4262. Later in the day the Cable had a very volatile market, forming a widening formation which is seen on the 1 hour chart, doing new peaks and bottoms with no clear direction. Currently the Sterling is in a consolidation, and now is maybe better to wait for a clearer trend direction. At this stage we should pay attention to the key psychological level at 1.4050. Break below this level will cause further weakening of the GBP/USD. The CCI indicator is in the neutral zone of the daily chart.
Technical resistance levels: 1.4400 1.4510 1.4625
Technical support levels: 1.4050 1.3890 1.3775
Trading range: 1.4265 - 1.4190
Sell at 1.4252 SL 1.4282 TP 1.4202
Today we made already +40 pips profit on GBP/USD from the following signal:
5:48 GMT Sell GBP/USD at 1.4206 SL 1.4232 TP 1.4146 exited at 6:39 GMT
Today so far +107, yesterday +160, as shown at www.zifx.com/performance.php