GBP/USD 1.5922 – 7 October

GBP/USD Open 1.5915 High 1.6045 Low 1.5860 Close 1.5916
Pound/Dollar traded with volatility on Tuesday. On the 3 hour chart Cable climbed above 1.6040, reaching a peak at 1.6043, where the upward impulse was stopped, and quotes tumbled sharply down to yesterday’s bottom 1.5878, closing the day at 1.5916. Sterling is still trading under the upper limit of the trend line. Our preferable scenario for now is downwards, but we need a convincing break under the 1.5860 support level, before possible test of 1.5745. The nearest resistance is yesterday’s peak at 1.6045. Break above this level may trigger future bullish impulse towards 1.6160, but we do not expect significant ascending moves for the time being. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting downward decline.
Technical resistance levels: 1.6045 1.6160 1.6300
Technical support levels: 1.5860 1.5745 1.5610

Trading range: 1.5935 – 1.5860
Trend: Downward
Sell at 1.5922 SL 1.5952 TP 1.5872

Already made +15 pips profit on GBP/USD today from the following signal:
6:42 GMT+1 Sell GBP/USD at 1.5874 SL 1.5900 TP 1.5814 exited at 6:47 GMT
Today so far +118, yesterday +160, 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.

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