Technical Analysis Daily: GBP/USD

Daily Forex Technicals | Written by iFOREX.bg | Feb 10 09 09:13 GMT |

GBP/USD 1.4817 GBP/USD Open 1.4853 High 1.4983 Low 1.4700 Close 1.4897 Pound/Dollar made a moderate increase yesterday. The Cable reached the long target 1.4910, made a top at 1.4983, and closed lower at 1.4897. On the 4 hour chart we have a hanged like formation, followed by 2 bearish candles, which is an indication for a potential descending reversal. At the same time, the CCI indicator is about to break down the 100 line, supporting the scenario of decreasing pressure. Immediate support is represented by the 1.4760 level. Break below this level may cause further bearish momentum towards the region of 1.4625. First resistance is seen at 1.4990. Technical resistance levels: 1.4990 1.5100 1.5225 Technical support levels: 1.4760 1.4625 1.4500 Trading range: 1.4850 - 1.4775 Trend: Downward Sell at 1.4838 SL 1.4868 TP 1.4788 iFOREX.bg Forecasts and Trading Signals http://www.zifx.com