Technical Analysis Daily: GBP/USD

Daily Forex Technicals | Written by iFOREX.bg | Dec 23 08 09:36 GMT |

GBP/USD 1.4870 GBP/USD Open 1.48223 High 1.4983 Low 1.4687 Close 1.4827 Pound/Dollar continued their descending scenario yesterday. Couple made a bottom at 1.4687 and closed at 1.4827. The signals remain descending, still with targets towards the region of 1.4560. On the daily chart we can see that the couple is moving in a formed rectangle that is the consolidation phase of the current descending scenario. Break under 1.4680 may be seen as a break out of the rectangle, which should lead to further bearish momentum. The CCI indicator however just crossed up the 100 line on the four hour chart, so be careful for a small potential rising pressure by testing the level of resistance 1.4955. Technical resistance levels: 1.4955 1.5040 1.5165 Technical support levels: 1.4700 1.4570 1.4460 Trading range: 1.4880 - 1.4820 Trend: Downward Sell at 1.4870 SL 1.4900 TP 1.4830 iFOREX.bg Forecasts and Trading Signals http://www.zifx.com