GBP/USD Continues Slipping Down

GBP/USD Open 1.5689 High 1.5771 Low 1.5643 Close 1.5688
On Tuesday Pound/Dollar continued decreasing with almost 130 pips. The Cable depreciated from 1.5771 to 1.5643 yesterday, in converse with the positive Interbank sentiment at almost +43%, closing the day at 1.5688. Today the British Pound is correcting upwards, with movements still within yesterday's range for the time being. On the 1 hour chart range trading is forming, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.5771. Break above it should extend the bullish movement further towards 1.5900. The nearest support level is today's bottom at 1.5643. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5520. Today are UK Claimant count, Average earnings, ILO Jobless rate, and BoE quarterly inflation report, at 9:30 and 10:30 GMT respectively. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.5771 1.5900 1.6039
Technical support levels: 1.5643 1.5520 1.5388

TP is done

TP is done.
on GBP/USD 1.5700 TP 1.5760
+60 pips

Buy GBP/USD

Buy GBP/USD at 1.5701 TP: 1.5760 SL: 1.5650
with 5% from balance if 1000$ you can setting with 0,05 lot

Wait and see

Daily Pivots: (S1) 1.5778; (P) 1.5831; (R1) 1.5870; More.
Intraday bias in GBP/USD remains neutral for the moment with focus on 1.5729 support. With 1.5729 intact, there is no confirmation of topping in GBP/USD yet and rise from 1.5234 is in favor to continue. Above 1.5928 will target 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168). Break will confirm that whole decline from 1.6746 has finished at 1.5234 already. However, below 1.5729 will flip bias back to the downside for 55 days EMA (now at 1.5660) first.
In the bigger picture, price actions from 1.3503 are treated as consolidations to long term down trend from 2.1161. At this point, we're favoring the case that such consolidation is either finished with three waves to 1.6746, or five waves as a triangle at 1.6165. Deeper decline is in favor to 1.4229 key support and decisive break there should extend the long term down trend through 1.3503 low. Meanwhile, strong rebound ahead of 1.4229, or a break of 1.6165, will dampen the immediate bearish view and extend the consolidation from 1.3503 instead.

GBP/USD In Unclear European Situation

GBP/USD Open 1.5807 High 1.5886 Low 1.5766 Close 1.5814
On Thursday Pound/Dollar traded within almost 100 pip range. The Cable appreciated from 1.5792 to 1.5886 yesterday, in line with the positive Interbank sentiment at almost +53%, closing the day at 1.5814. Today the British Pound lost all Thursday's gains, descending down to 1.5766. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart the upward channel has slowed down. First resistance is yesterday's peak at 1.5886. Break above it should extend the bullish movement further towards 1.6012. The nearest support level is today's bottom at 1.5781. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5660. Today are UK PPI Output and Input, both at 9:30 GMT. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.5886 1.6012 1.6140
Technical support levels: 1.5766 1.5640 1.5500

Cable GBP-USD @ 1.5815/18...Watch Resistance at 1.5850

R: 1.5850 / 1.5900 / 1.5930
S: 1.5800 / 1.5760-00 / 1.5700
Cable dipped to a low of 1.5766 and has bounced back well above 1.5800 again. Significant Resistance is seen at 1.5850 which needs to be broken for the pair to extend it upmove further. While below 1.5850 a downmove to 1.5750-00 is possible and cannot be ruled out. We will have to wait and see how the market closes for the week today to get a clear picture on the direction of move going forward

Long and Short GBP/USD

Buy GU at 1.5766 TP 1.5820
Sell limit GU at 1.5850-1.5880 TP 1.5800