GBP/USD Open 1.6019 High 1.6153 Low 1.5945 Close 1.6015
Pound/Dollar made a significant downward momentum from the beginning of this week with over 300 pips, forming new short term downward channel on the 15 minutes chart. On Wednesday the Cable traded within the narrow 1.6065 – 1.5949 range, closing the day at 1.6015. Our preferable scenario today is downwards with targets towards 1.5847 as the bulls show weakness at this stage. We will, however, look for a significant break out of the 1.5848 – 1.6228 range on the 3 hour chart, to get clearer movement direction. Immediate resistance is yesterday’s top 1.6065. The nearest support is today’s bottom at 1.5930, the breach of which may extent the current bearish impulse. The CCI indicator is negative on the 1 hour chart, suggesting descending pressure.
Technical resistance levels: 1.6065 1.6153 1.6239
Technical support levels: 1.5930 1.5847 1.5738
Trading range: 1.5970 – 1.5895
Sell at 1.5957 SL 1.5987 TP 1.5907
Written by iFOREX.bg