GBP/USD Open 1.6007 High 1.6118 Low 1.5909 Close 1.5982
On Wednesday Pound/Dollar corrected upwards, reaching a peak at 1.6118, as expected in our forecast, closing the day at 1.5982. On the 1 hour chart the Cable rose up to the 1.6100 psychological level. Convincing break above that level may potentially threaten the current bearish outlook, and strengthen the Pound further towards next target 1.6240. Immediate support is the bottom from 29 September 1.5910, the break of which may lead to further weakening of the British currency towards 1.5800. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting upward prospects.
Technical resistance levels: 1.6120 1.6240 1.6365
Technical support levels: 1.5910 1.5800 1.5670
Trading range: 1.6005 – 1.5930
Trend: Downward
Sell at 1.5992 SL 1.6022 TP 1.5942
Already made +34 pips profit on GBP/USD today from the following signal:
5:33 GMT+1 Sell GBP/USD at 1.5957 SL 1.5983 TP 1.5897 exited at 6:49 GMT
Today so far +135, yesterday +107, 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
