GBP/USD Technical Analysis 21 August 2008

21 August 2008 @ 04:05 am EDT

GBP/USD 1.8646 - 21 August

GBP/USD Open 1.8659 High 1.8700 Low 1.8552 Close 1.8617

The British Pound also climbed significantly yesterday against the US Dollar from Wednesday's bottom 1.8552 to today's top 1.8700, which are the the first support and resistance levels respectively for the currency couple today. If the positive trend continues, as we expect for today, next resistance is expected at 1.8770, followed by 1.8850. In downward direction next support for today is expected at 1.8470, the break of which would lead to next target 1.8400.

Technical resistance levels: 1.8700 1.8770 1.8850

Technical support levels: 1.8550 1.8470 1.8400

Trading range: 1.8635 - 1.8700

Trend: Upward

Buy at 1.8646 SL 1.8616 TP 1.8684

Today we made already +28 pips profit on GBP/USD from the following signal:

5:56 GMT+1 Sell GBP/USD at 1.8646 SL 1.8672 TP 1.8586 exited at 6:29 GMT+1

Today so far +122, yesterday +103, as shown at www.zifx.com/performance.php

For more forex information, go to www.iForex.bg

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