GBP/USD Open 1.5627 High 1.5629 Low 1.5531 Close 1.5623
On Tuesday Pound/Dollar resumed recovering with 100 pips. The Cable appreciated from 1.5531 to 1.5629 yesterday, in line with the positive Interbank sentiment at over +44%, closing the day at 1.5623. Today the British Pound is showing weakness, but movements are still at the upper end of yesterday's range for the time being. On the 1 hour chart new upward channel has emerged, while on the 3 hour chart the small angle downward channel was broken upwards. First resistance is yesterday's peak at 1.5629. Break above it should extend the bullish movement further towards 1.5750. The nearest support level is yesterday's bottom at 1.5531. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5400. Today are UK GDP Q4, and UK CBI industrial order books and output balance, at 9:30 and 11 GMT respectively. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is thinly neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over neutral signals.
Technical resistance levels: 1.5629 1.5750 1.5883
Technical support levels: 1.5531 1.5400 1.5267
Trading range: 1.5580 - 1.5650
Buy at 1.5590 SL 1.5560 TP 1.5640
Already made +7 pips profit on GBP/USD today from the following sent to clients only signal:
5:20 GMT Buy GBP/USD at 1.5611 SL 1.5585 TP 1.5671, exit sent at 7:35 GMT+1.
Today so far +43, yesterday +135, as shown in details at http://www.zifx.com/performance.php.