On Friday Pound/Dollar increased insignificantly with 85 pips, in line with the positive Interbank sentiment at nearly +12%. The Cable appreciated from 1.6069 to 1.6153 on Friday, closing the week at 1.6127. Today the British Pound weakened, descending down to 1.5963. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is Friday's peak at 1.6153. Break above it should extend the bullish movement further towards 1.6280. The nearest support level is today's bottom at 1.5963. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5830. Today are UK M4 money supply and Consumer credit, both at 9:30 GMT. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and inclining upwards, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.6153 1.6280 1.6412
Technical support levels: 1.5963 1.5830 1.5700
Trading range: 1.6000 - 1.6070
Trend: Upward
Buy at 1.6010 SL 1.5980 TP 1.6060
Already made +9 pips profit on GBP/USD today from the following sent to clients only signal: 5:25 GMT Sell GBP/USD at 1.5980 SL 1.6006 TP 1.5920, exit sent at 5:28 GMT+1.
Today so far +106, on Friday +90, as shown in details at our web site.
GBP/USD Chart">