GBP/USD Steps Up Slowly, But Surely

On Wednesday Pound/Dollar continued increasing with 180 pips. The Cable appreciated from 1.5705 to 1.5883 yesterday, in line with the positive Interbank sentiment at above +38%, closing the day at 1.5831. Today the British Pound is trading quietly, with movements at the upper end of yesterday's range for the time being. On the 1 hour chart the upward channel looks good, while on the 3 hour chart new upwards channel has formed. First resistance is yesterday's peak at 1.5883. Break above it should extend the bullish movement further towards 1.6010. The nearest support level is yesterday's bottom at 1.5705. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5579. There are no major economic events for UK today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is thinly negative and calm, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.5883 1.6010 1.6142

Technical support levels: 1.5705 1.5579 1.5443

Trading range: 1.5855 - 1.5785

Trend: Downward

Sell at 1.5845 SL 1.5875 TP 1.5795

Already made +28 pips profit on GBP/USD today from the following sent to clients only signal:

5:21 GMT Sell GBP/USD at 1.5844 SL 1.5870 TP 1.5784, exit sent at 8:16 GMT+1.

Today so far +67, yesterday +135, as shown in details at http://www.zifx.com/performance.php.