Technical Analysis Daily: GBP/USD

GBP/USD 1.6302

GBP/USD Open 1.6250 High 1.6343 Low 1.6055 Close 1.6226

Pound/Dollar made a decreasing movement on Monday. The Cable dropped down to 1.6037, where the bearish impulse was limited. The currency couple than bounced upwards, rising up to 1.6265, closing the day at 1.6226. Today the Sterling is trading quietly, showing downward correctional efforts. A strong resistance is represented by the 1.6305 level. A convincing break above this level may trigger a upwards impetus towards next objective 1.6420. Immediate support is yesterday's bottom at 1.6055, followed by 1.5920. Break under this level may cause further bearish momentum. The CCI indicator has crossed the 100 line on the 1 hour chart, suggesting upwards pressure.

Technical resistance levels: 1.6305 1.6420 1.6500
Technical support levels: 1.6055 1.5920 1.5800

Trading range: 1.6315 - 1.6240

Trend: Downward

Sell at 1.6302 SL 1.6332 TP 1.6252

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