In December the British currency continued to decline and reached a new bottom since 2002. Last week the British currency continued its dropping, and the downward trend still remains in force. On the weekly chart descending pressure on the Cable will be maintained and will remain strong while the British currency remains under 1.55. On the daily chart the Sterling formed a divergence and prevailed the upper limit of short term descending channel, but the development of growth could not be achieved, after which the couple continued decreasing. The bearish scenario is still valid with targets towards the region of 1.4300. Strengthening below 1.4360 will signal for further reduction. Strengthening above 1.4730 may provoke growth of the Pound.
Technical resistance levels: 1.4580 1. 4700 1.4840
Technical support levels: 1.4425 1.4300 1.4150
Trading range: 1.4550 - 1.4485
Sell at 1.4539 SL 1.4569 TP 1.4499
Today we made already +14 pips profit on GBP/USD from the following signal:
6:18 GMT Sell GBP/USD at 1.4507 SL 1.4533 TP 1.4447 exited at 6:22 GMT
Today so far +114, on 30th +147, as shown at www.zifx.com/performance.php