GBP/USD Open 1.6016 High 1.6133 Low 1.5992 Close 1.6021

On Friday Pound/Dollar decreased with 125 pips. The Cable depreciated from 1.6133 to 1.6006 on Friday, in line with the negative money flow sentiment at around -26%, closing the week at 1.6021. Today the British Pound pair weakened slightly further, descending to 1.5992.

On the 1 hour chart the downward channel has turned into a range trading, while on the 3 hour chart quotes are moving within wider range. First resistance is Friday's peak at 1.6133. Break above it should extend the bullish movement further towards 1.6255. The nearest support level is today's bottom at 1.5992. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5870.
Today are UK Halifax house price and CIPS services indexes, at 8 and 9:30 GMT respectively.

Quotes are moving bellow the crossing and almost even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6133 1.6255 1.6390
Technical support levels: 1.5992 1.5870 1.5737

Already made +38 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:16 GMT Sell GBP/USD at 1.6031 SL 1.6057 TP 1.5971, exit sent at 8:20 GMT.
Today so far +122, on Friday +125, as shown at our web site.

 

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