GBP/USD Gives In, Breaking Down 1.566 Support

GBP/USD Open 1.5675 High 1.5703 Low 1.5635 Close 1.5681

On Wednesday Pound/Dollar traded within very narrow 40 pip range. The Cable appreciated from 1.5659 to 1.5703 yesterday, in line with the positive money flow sentiment at over 8%, closing the day at 1.5681. Today the British Pound weakened, descending down to 1.5635.

On the 1 hour chart quotes are holding within the trading range, while on the 3 hour chart trading is within wider range. First resistance is yesterday's peak at 1.5703. Break above it should extend the bullish movement further towards 1.5830. The nearest support level is today's bottom at 1.5635. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5510.

Today are UK Retail sales at 8:30 GMT.

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

Technical resistance levels: 1.5703 1.5830 1.5964
Technical support levels: 1.5635 1.5510 1.5377

Already made +35 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:14 GMT+1 Sell GBP/USD at 1.5669 SL 1.5695 TP 1.5609, exit sent at 7:12 GMT+1.
Today so far +101, yesterday +88, as shown at http://www.zifx.com/performance.php.