GBP/USD 1.4687 - 6 February

GBP/USD Open 1.4624 High 1.4744 Low 1.4383 Close 1.4612

After the indecisive movement on Wednesday, yesterday, Pound/Dollar had a significant increasing momentum. After breaking the 1.4577 resistance, the currency pair made a move upwards to the top 1.4701, and closed the day at 1.4611. Fibonacci levels show that the Cable is in testing phase at 23.7% of the 1.4720 level. Break above this level may lead to a sharp increase. Signals remain ascending in the short term and neutral in the long run. The CCI indicator, however, is in the overbought zone and downwards to the 4 hour chart, assuming potential decreasing pressure with testing of the support 1.4575 and 1.4495.

Technical resistance levels: 1.4500 1.4610 1.4725

Technical support levels: 1.4165 1.4050 1.3890

Trading range: 1.4675 - 1.4750

Trend: Upward

Buy at 1.4687 SL 1.4657 TP 1.4737

Today we made already +53 pips profit on GBP/USD from the following signal:

5:48 GMT Sell GBP/USD at 1.4446 SL 1.4472 TP 1.4386 exited at 6:45 GMT

Today so far +142, yesterday +168, as shown at