GBP/USD 1.6010 - 6 October

GBP/USD Open 1.5930 High 1.6044 Low 1.5904 Close 1.5931

Yesterday Pound/Dollar traded hesitantly. The Cable increased up to the 1.6020 top, from where it started dropping down to the 1.5904 bottom, closing the day at 1.5931. Today the Sterling continued recovering, as expected. On the 3 hour chart after a break of the support at 1.6050, which has now become a resistance, and reaching a bottom at 1.5787, quotes are trying to head upwards. This is normal, and the longer the British Pound stays above 1.5800, preferable scenario would be upwards. Convincing break above the 1.6050 resistance may strengthen the upward momentum and lead to further recovery of the Pound towards 1.6165. First support is yesterday's bottom at 1.5905. Break under this level may weaken the British currency further. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting upward prospects.

Technical resistance levels: 1.6045 1.6165 1.6300

Technical support levels: 1.5905 1.5790 1.5650

Trading range: 1.6000 - 1.6070

Trend: Upward

Buy at 1.6010 SL 1.5980 TP 1.6060

Already made +38 pips profit on GBP/USD today from the following signal:

5:38 GMT+1 Buy GBP/USD at 1.5968 SL 1.5942 TP 1.6028 exited at 7:02 GMT

Today so far +160, yesterday +153, as shown at