Pound/Dollar continued moving downwards on Wednesday. The descending triangle formation gave us good bearish signals. Today, however, the Cable is rising, and our preferable short term trend scenario is upwards, and neutral in the medium term. A convincing movement above the first resistance at 1.6500 will confirm the ascending scenario and may trigger further upward impulse towards 1.6630. Immediate support is is yesterday's bottom at 1.6340. Break bellow that level might cause renewal of the bearish trend. The CCI indicator crossed up the 100 line on the 1 hour chart, assuming potential increasing perspectives.
Technical resistance levels: 1.6500 1.6630 1.6775
Technical support levels: 1.6340 1.6225 1.6100
Trading range: 1.6450 - 1.6525
Up at 1.6462 SL 1.6432 TP 1.6512
Already made +60 pips profit on GBP/USD today from the following signal:
6:44 GMT+1 Buy GBP/USD at 1.6410 SL 1.6384 TP 1.6470 TP reached at 8:01 GMT
Today so far +134, yesterday +185, as shown at www.zifx.com/performance.php