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Technicals

GBP/USD Technical Analysis 14 October 2008

14 Oct, 2008 @ 04:12 am EST
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GBP/USD 1.7485 - 14 October

GBP/USD Open 1.7019 High 1.7547 Low 1.6866 Close 1.7060

The British Pound recovered significantly yesterday against the US Dollar from Monday's bottom 1.6866 to this morning's top 1.7547, which are the first support and resistance levels respectively for the currency couple today. If the positive trend continues, as we expect for the moment, next resistance for today is expected at 1.7620, the break of which would lead to next target 1.7700. In downward direction next support further down is expected at 1.6785, followed by 1.6700.

Technical resistance levels: 1.7545 1.7620 1.7700

Technical support levels: 1.6865 1.6785 1.6700

Trading range: 1.7475 - 1.7545

Trend: Upward

Buy at 1.7485 SL 1.7455 TP 1.7535

Today we made already +25 pips profit on GBP/USD from the following signal:

5:55 GMT+1 Buy GBP/USD at 1.7522 SL 1.7496 TP 1.7582 exited at 6:37 GMT+1

Today so far +99, yesterday +137, as shown at www.zifx.com/performance.php

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