GBP/USD Stabilizes After The Strong Descent

On Friday Pound/Dollar decreased insignificantly with 60 pips. The Cable depreciated from 1.6204 to 1.6140 on Friday, in converse with the positive Interbank sentiment at nearly +4%, closing the week at 1.6144. Today the British Pound lost further ground, going down to 1.6104, than commenced adjusting.

On the 1 hour chart the upward channel is still on hold, while on the 3 hour chart the small angle upward channel has slowed down. First resistance is Friday's peak at 1.6204. Break above it should extend the bullish movement further towards 1.6330. The nearest support level is today's bottom at 1.6104. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5980.

Today is UK May Bank Holiday.

Quotes are moving in line with the 20 and just bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term slim bearish pressure. The value of the RSI indicator is neutral and hesitant, MACD is negative and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral to light short signals.

Technical resistance levels: 1.6204 1.6330 1.6464

Technical support levels: 1.6104 1.5980 1.5848

Already made +10 pips profit on GBP/USD today from the following sent to clients only signal:

5:18 GMT+1 Sell GBP/USD at 1.6124 SL 1.6150 TP 1.6064, exit sent at 6:20 GMT+1.

Today so far +47, on Friday +84, as shown in details at http://www.zifx.com/performance-past.php.