GBP/USD Open 1.6074 High 1.6166 Low 1.5961 Close 1.6077
On Monday Pound/Dollar increased significantly with 200 pips, in line with the positive Interbank sentiment at over +14%. After the morning descent, the Cable appreciated from 1.5963 to 1.6166 yesterday, closing the day at 1.6127. Today the British Pound is showing weakness, but movements are still within yesterday's range for the time being. On the 1 hour chart the upward channel has renewed, while on the 3 hour chart the upward channel looks good. First resistance is yesterday's peak at 1.6166. Break above it should extend the bullish movement further towards 1.6290. The nearest support level is today's bottom at 1.5961. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5830. Today are UK Nationwide house price index, CIPS manufacturing index and GDP Q3, at 7 and 9:30 GMT respectively. Quotes are moving bellow the even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and declining, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.6166 1.6290 1.6424
Technical support levels: 1.5961 1.5830 1.5700
Trading range: 1.6000 - 1.5940
Sell at 1.5990 SL 1.6020 TP 1.5940
Already made +60 pips profit on GBP/USD today from the following sent to clients only signal:
6:36 GMT Sell GBP/USD at 1.6058 SL 1.6084 TP 1.5998, TP reached at 7:25 GMT+1.
Today so far +174, yesterday +106, as shown in details at http://www.zifx.com/performance.php.