GBP/USD 1.6009 - 9 October

GBP/USD Open 1.6063 High 1.6111 Low 1.5950 Close 1.6068

Pound/Dollar attempt to decrease yesterday, reaching a bottom at 1.5950, from which point the Cable rose sharply to the 1.6111 peak, closing the day at 1.6068. Last week's volatile but indecisive market indicates consolidation, reflected in the formed triangle on the 3 hour chart. Our preferably scenario for now is bearish, but it isn't difficult to see that the descending pressure starts losing strength and we need a break out of the triangle to see clearer direction. Trend may soon turn back upwards, and prices may head upwards again. In this case we will expect further bullish impulse with potential test of 1.6230. Immediate support is yesterday's bottom 1.5950. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting downward pressure.

Technical resistance levels: 1.6110 1.6230 1.6365

Technical support levels: 1.5950 1.5835 1.5700

Trading range: 1.6020 - 1.5945

Trend: Downward

Sell at 1.6009 SL 1.6039 TP 1.5959

Already made +60 pips profit on GBP/USD today from the following signal:

5:38 GMT+1 Buy GBP/USD at 1.6021 SL 1.5995 TP 1.6081 exited at 5:56 GMT

Today so far +47, yesterday +156, as shown at