GBP/USD Uptrend Continues, Approaching 1.63

On Friday Pound/Dollar continued increasing significantly with 130 pips. The Cable appreciated from 1.6152 to 1.6281 on Friday, in line with the positive Interbank sentiment at almost +34%, closing the week at 1.6259. Today the British Pound ascended slightly further, reaching 1.6297.

On the 1 hour chart the upward channel looks good, while on the 3 hour chart smaller angle upward channel has formed. First resistance is today's peak at 1.6297. Break above it should extend the bullish movement further towards 1.6433. The nearest support level is Friday's bottom at 1.6152. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6031.

Today was UK Nationwide house price index at 6 GMT.

Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 1.6297 1.6423 1.6570

Technical support levels: 1.6152 1.6031 1.5900

Already made +12 pips profit on GBP/USD today from the following sent to clients only signal:

5:19 GMT+1 Buy GBP/USD at 1.6284 SL 1.6258 TP 1.6344, exit sent at 8:03 GMT+1.

Today so far +60, on Friday +76, as shown in details at http://www.zifx.com/performance-past.php.