GBP/USD Open 1.5099 High 1.5132 Low 1.4863 Close 1.5098
Pound/Dollar followed the Euro upwards on Wednesday, as Dollar weakened across the board, climbing from 1.4981 to 1.5132, closing the day at 1.5098. Today at 11:00 is the BOE interest rates announcement, which are expected to remain at 0.5%. On the 1 and 3 hour charts the bearish channel remains intact, and our expectations are for the downtrend to continue, especially if we see break bellow Monday’s bottom at 1.4777. The nearest resistance is this yesterday’s top at 1.5132, followed by 1.5275. Quotes are currently moving bellow the 20 and just above the 50 EMA on the 1 hour chart, indicating insignificant bearish pressure. The value of RSI indicator is negative and calm, MACD is positive and declining, while CCI is negative and declining on the 1 hour chart, giving overall short signals.
Trading resistance levels: 1.5132 – 1.5275 – 1.5400
Trading support levels: 1.4981 – 1.4891 – 1.4777
Trading range: 1.5075 – 1.5000
Trend: Downward
Forex Trading Strategy
Sell at 1.5061 Stop Loss 1.5091 Take Profit 1.5011
Already made +51 pips profit on GBP/USD today from the following signal:
5:34 GMT Sell GBP/USD at 1.5073 Stop Loss 1.5099 Take Profit 1.5013 exit sent 8:02 GMT
Today so far +161, yesterday +158, as shown in details here.
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