GBP/USD Still Unstable Around 1.61

On Thursday Pound/Dollar increased with 90 pips. The Cable appreciated from 1.6090 to 1.6183 yesterday, in line with the positive money flow sentiment at nearly +16%, closing the day at 1.6143. Today the British Pound is declining, losing almost all yesterday's gains and moving at the lower end of yesterday's range for the time being.

On the 1 hour chart range trading is forming, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.6183. Break above it should extend the bullish movement further towards 1.6310. The nearest support level is yesterday's bottom at 1.6090. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5966.

Today are UK PPI Output and Input, both at 8:30 GMT.

Quotes are moving bellow the twisted 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.6183 1.6310 1.6442

Technical support levels: 1.6090 1.5966 1.5830

Already made +26 pips profit on GBP/USD today from the following sent to clients only signal:

5:17 GMT+1 Sell GBP/USD at 1.6124 SL 1.6150 TP 1.6064, exit sent at 7:17 GMT+1.

Today so far +68, yesterday +84, as shown in details at http://www.zifx.com/performance-past.php.