GBP/USD Open 1.4245 High 1.4389 Low 1.4100 Close 1.4208
Pound/Dollar also attempted to descend yesterday. The currency couple reached the short term target 1.4125, made a bottom at 1.4100, than sharply ascended and closed the day at 1.4208. On the 4 hour chart the formed rectangle is about to be broken upwards, indicating upwards momentum, which started this morning. Break out of the rectangle will give us a clearer movement direction. Expectations are for a break up with a test of the key resistance level at 1.4400. Short term signals are ascending. Immediate support is represented by yesterday's bottom 1.4100. Break below this level could lead to further decreasing momentum towards 1.3990. Next resistance is represented by the 1.4525 level. The CCI indicator is crossing up the 100 line on the 1 and 4 hour charts, suggesting ascending pressure.
Technical resistance levels: 1.4400 1.4525 1.4640
Technical support levels: 1.4100 1.3990 1.3850
Trading range: 1.4345 - 1.4420
Buy at 1.4359 SL 1.4345 TP 1.4409
iFOREX.bg Forecasts and Trading Signals