As a result of the BOE's decision to lower interest rates with 50 b.p., to 1.5%, the Pound/Dollar increased sharply yesterday to the top 1.5372 and closed the day of 1.5214. Although the current short term upward impulse is quite significant, technically, it is too early to say that long term bearish scenario is completed. Critical level at this phase is 1.5353. Break above this level can potentially break the downward trend. Immediate support is seen at 1.5125 followed by 1.5045. CCI is in the overbought zone and about to pass down the 100 line on the four hour chart, suggesting potential decreasing pressure.
Technical resistance levels: 1.5355 1. 5480 1.5600
Technical support levels: 1.5125 1.5045 1.4930
Trading range: 1.5225 - 1.5150
Sell at 1.5214 SL 1.5244 TP 1.5164
Today we made already +60 pips profit on GBP/USD from the following signal:
5:48 GMT Buy GBP/USD at 1.5186 SL 1.5160 TP 1.5246 TP reached at 7:20 GMT
Today so far +168, yesterday +184, as shown at www.zifx.com/performance.php