GBP/USD Open 1.4243 High 1.4299 Low 1.4124 Close 1.4236
Pound/Dollar also attempted to drop yesterday. The currency couple reached the short term target 1.4132, made a bottom at 1.4124, than sharply jumped and closed the day at 1.4236. On the 4 hour chart we can the quotes move into a formed rectangle, indicating consolidation. Break out of the rectangle will give us a clearer movement direction. Expectations are for a break down with a test of the key support level at 1.4060 once again. Short term signals are neutral. Immediate support is represented by yesterday's bottom 1.4125. Break below this level could lead to further decreasing momentum. First resistance is seen at 1.4320. The CCI indicator is in the neutral zone on the 4 hour and daily charts.
Technical resistance levels: 1.4320 1.4425 1.4550
Technical support levels: 1.4125 1.4060 1.3950
Trading range: 1.4195 - 1.4120
Sell at 1.4184 SL 1.4214 TP 1.4134