On Thursday Pound/Dollar increased with almost 200 pips, in line with the positive Interbank sentiment at almost +14%. The Cable appreciated from 1.5875 to 1.6062 yesterday, closing the day at 1.6032. Today the British Pound is trading quietly, with movements at the upper end of yesterday's range for the time being. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart wide range trading is emerging. First resistance is yesterday's peak at 1.6062. Break above it should extend the bullish movement further towards 1.6180. The nearest support level is yesterday's bottom at 1.5875. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5750. There are no major economic events for UK today. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6062 1.6180 1.6312
Technical support levels: 1.5875 1.5750 1.5621
Trading range: 1.6020 - 1.5945
Trend: Downward
Sell at 1.6008 SL 1.6038 TP 1.5958
Already made +31 pips profit on GBP/USD today from the following sent to clients only signal:
6:07 GMT Sell GBP/USD at 1.6031 SL 1.6057 TP 1.5971, exit sent at 8:27 GMT+1.
Today so far +126, yesterday +123, as shown in details at our web site.
