On Wednesday Pound/Dollar continued decreasing with almost 140 pips. The Cable depreciated from 1.5544 to 1.5407 yesterday, in converse with the negative Interbank sentiment at under -5%, closing the day at 1.5462. Today the British Pound is trading hesitantly, moving within yesterday's range for the time being. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart the downward channel is making renewal attempts. First resistance is yesterday's peak at 1.5544. Break above it should extend the bullish movement further towards 1.5669. The nearest support level is yesterday's bottom at 1.5407. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5280. Today are UK Retail sales, CBI industrial order books and output balance, at 9:30 and 11 GMT respectively. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5544 1.5669 1.5800
Technical support levels: 1.5407 1.5280 1.5154
Already made +11 pips profit on GBP/USD today from the following sent to clients only signal:
7:05 GMT Sell GBP/USD at 1.5470 SL 1.5496 TP 1.5410, exit sent at 7:25 GMT+1.
Today so far +53, yesterday +95, as shown in details at our web site.
GBP/USD Chart" title="ZIFX.com GBPUSD Chart">