Technical Analysis Daily: GBP/USD

GBP/USD 1.6344

GBP/USD Open 1.6342 High 1.6500 Low 1.6327 Close 1.6392

Pound/Dollar made a descending movement on Thursday. The Cable reached a bottom at 1.6327, and close the day at 1.6392. On the 1 hour chart is seen that after failing to hold above the key 1.6660 resistance, the Sterling turned down and broke the 1.6350 support level. This should support the bearish perspectives in the near future, but the medium term views remains unclear. Short term signals are descending, with targets towards 1.6260. Immediate resistance is 1.6500. Break above this level may lead the currency couple into further bullish momentum. The CCI indicator has just crossed up the 100 line on the 1 hour chart, signaling for potential upward pressure.

Technical resistance levels: 1.6500 1.6635 1.6750
Technical support levels: 1.6325 1.6215 1.6100

Trading range: 1.6330 - 1.6405

Trend: Upward

Buy at 1.6344 SL 1.6314 TP 1.6394

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