GBP/USD Open 1.6537 High 1.6592 Low 1.6344 Close 1.6540
On Wednesday Pound/Dollar increased significantly with 250 pips, in line with the positive Interbank sentiment at nearly +16%. The Cable appreciated from 1.6344 to 1.6592 yesterday, closing the day at 1.6540. Today the British Pound is correcting, with movements within yesterday's range for the time being. On the 1 hour new upward channel is emerging, while on the 3 hour chart wider upward channel has also formed. First resistance is yesterday's peak at 1.6592. Break above it should extend the bullish movement further towards 1.6720. The nearest support level is yesterday's bottom at 1.6344. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6200. Today is UK Retail sales at 8:30 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and hesitant, MACD is positive and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6592 1.6720 1.6854
Technical support levels: 1.6344 1.6200 1.6068
Trading range: 1.6495 - 1.6570
Buy at 1.6509 SL 1.6479 TP 1.6559
Already made +24 pips profit on GBP/USD today from the following signal:
5:28 GMT+1 Buy GBP/USD at 1.6511 SL 1.6485 TP 1.6571, exit sent at 6:38 GMT+1.
Today so far +124, yesterday +127, as shown in details at http://www.zifx.com/performance.php.