Forex Technical and Fundamental Analysis

GBP/USD 1.5984 Technical Analysis

GBP/USD Open 1.6036 High 1.6382 Low 1.5917 Close 1.6057

Pound/Dollar made a significant bearish movement on Thursday, with over 450 pips, closing the day at 1.6000. On the 1 hour chart after breaking down out of the wide trading range, the Cable weakened vastly, going under 1.6000 this morning. The Sterling is under intensive bearish pressure at the moment and every movement under the psychological 1.6000 may give end of the bullish scenario and set new objectives towards 1.5915, followed by 1.5790. However, rising above it may renew the upward channel and lead to recovery of the British currency. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting upward pressure, and potential strengthening of the British currency.

Technical resistance levels: 1.6450 1.6570 1.6700Technical support levels: 1.5915 1.5790 1.5650

Trading range: 1.5970 - 1.6045

Trend: UpwardBuy at 1.5984 SL 1.5954 TP 1.6034
Already made +54 pips profit on GBP/USD today from the following signal:5:40 GMT+1

Buy GBP/USD at 1.5985 SL 1.5959 TP 1.6045

exited at 8:28 GMTToday so far +117, yesterday +115.