After break of the psychological resistance 1.5100, yesterday the Pound/Dollar made a significant rise, reaching a peak at 1.5279. But further bullish scenario was rejected and the currency pair quickly sank closed the day at 1.5102. Break under 1.5050 could lead to descending movement and perhaps an early stage of completion of the current short bullish corrective trend. The CCI is in the overbought zone and about to go cross down the 100 line on the four hour chart, which suggests potential downward pressure. Today is the meeting of BOE, on which the interest rate are expected to be reduced to 1.5%. Such decision disclosure of the should keep the bulls on excessive activity.
Technical resistance levels: 1.5250 1. 5380 1.5500
Technical support levels: 1.4815 1.4725 1.4605
Trading range: 1.5025 - 1.5100
Buy at 1.5037 SL 1.5007 TP 1.5087
Today we made already +46 pips profit on GBP/USD from the following signal:
5:49 GMT Buy GBP/USD at 1.5038 SL 1.5012 TP 1.5098 exited at 7:19 GMT
Today so far +184, yesterday +149, as shown at www.zifx.com/performance.php