GBP/USD Within Narrow Range Since Wednesday
GBP/USD Open 1.6109 High 1.6177 Low 1.6065 Close 1.6131
On Friday Pound/Dollar continued traded within 100 pip range, in line with the neutral Interbank sentiment at nearly -4%. The Cable depreciated from 1.6177 to 1.6074 on Friday, closing the week at 1.6131. Today the British Pound weakened, decreasing down to 1.6065. On the 1 hour chart range trading is forming, while on the 3 hour chart the downward channel was broken upwards. First resistance is Friday's peak at 1.6177. Break above it should extend the bullish movement further towards 1.6300. The nearest support level is today's bottom at 1.6065. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5950. There are no major economic events for UK today. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.6177 1.6300 1.6434
Technical support levels: 1.6065 1.5950 1.5819
Trading range: 1.6130 - 1.6060
Sell at 1.6120 SL 1.6150 TP 1.6070
Already made +27 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6104 SL 1.6130 TP 1.6044, exit sent at 7:43 GMT+1.
Today so far +100, on Friday +143, as shown in details at http://www.zifx.com/performance.php.