ZIFX.com GBP/USD Runs Out Of Steam, Going Bellow 1.61

GBP/USD Open 1.6094 High 1.6142 Low 1.6057 Close 1.6100

On Friday Pound/Dollar decreased insignificantly with 60 pips. The Cable depreciated from 1.6142 to 1.6079 on Friday, in line with the negative money flow sentiment at around -14%, closing the week at 1.6100. Today the British Pound weakened slightly further, reaching 1.6057.

On the 1 hour chart the downward channel is turning into range trading, while on the 3 hour chart quotes are moving within wide range. First resistance is Friday's peak at 1.6142. Break above it should extend the bullish movement further towards 1.6269. The nearest support level is today's bottom at 1.6057. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5950.

Today are UK M4 money supply and Consumer credit, both at 9:30 GMT.

Quotes are moving just bellow the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term neutral pressure. The value of the RSI indicator is positive and calm, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.6142 1.6269 1.6400
Technical support levels: 1.6057 1.5924 1.5790

Already made +23 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT Sell GBP/USD at 1.6080 SL 1.6106 TP 1.6020, exit sent at 8:05 GMT.
Today so far +103, on Friday +76, as shown at our web site.

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