GBP/USD 1.6034 – 8 October

GBP/USD Open 1.5951 High 1.6071 Low 1.5860 Close 1.5963
On Wednesday Pound/Dollar traded hesitantly, but with high volatility. On the 3 hour chart quotes climbed over 1.6000, reaching a peak at 1.5972, closing the day at 1.5921. Today the Cable continued climbing, as expected. Signals are bullish, but we need a coherent movement above 1.6070 to confirm extension of upward movement towards 1.6190. The nearest support is yesterday’s bottom at 1.5860. Break bellow this level could lead to stronger descending impulse, but bearish scenario is not expected at this stage. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting stronger upward pressure.
Technical resistance levels: 1.6070 1.6190 1.6315
Technical support levels: 1.5860 1.5745 1.5610

Trading range: 1.6020 – 1.6094
Trend: Upward
Buy at 1.6034 SL 1.6004 TP 1.6084

Already made +60 pips profit on GBP/USD today from the following signal:
5:39 GMT+1 Buy GBP/USD at 1.5992 SL 1.5966 TP 1.6052 TP reached at 8:11 GMT
Today so far +156, yesterday +118, 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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