GBP/USD Open 1.6036 High 1.6382 Low 1.5917 Close 1.6057
Pound/Dollar made a significant bearish movement on Thursday, with over 450 pips, closing the day at 1.6000. On the 1 hour chart after breaking down out of the wide trading range, the Cable weakened vastly, going under 1.6000 this morning. The Sterling is under intensive bearish pressure at the moment and every movement under the psychological 1.6000 may give end of the bullish scenario and set new objectives towards 1.5915, followed by 1.5790. However, rising above it may renew the upward channel and lead to recovery of the British currency. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting upward pressure, and potential strengthening of the British currency.
Technical resistance levels: 1.6450 1.6570 1.6700
Technical support levels: 1.5915 1.5790 1.5650
Trading range: 1.5970 – 1.6045
Buy at 1.5984 SL 1.5954 TP 1.6034
Already made +54 pips profit on GBP/USD today from the following signal:
5:40 GMT+1 Buy GBP/USD at 1.5985 SL 1.5959 TP 1.6045 exited at 8:28 GMT
Today so far +117, yesterday +115, as shown in details here.
Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.
Written by iFOREX.bg