GBP/USD Technical Analysis 18 November 2008

18 November 2008 @ 04:18 am EDT

GBP/USD 1.5051 - 18 November

GBP/USD Open 1.4988 High 1.4959 Low 1.4655 Close 1.4728

The British Pound recovered against the green back on Monday. The currency couple made a peak at 1.5083 and closed at 1.4952. The daily CCI indicator is in the oversold area and in upward direction, indicating a rising pressure. Our model for the currency pair for today is mixed. The nearest resistance is 1.5090. Break upwards of this level can cause ascending impetus to the region of 1.5264. First support is 1.4915 followed by 1.4795.

Technical resistance levels: 1.5090 1.5175 1.5265

Technical support levels: 1.4915 1.4795 1.4700

Trading range: 1.5065 - 1.5000

Trend: Downward

Sell at 1.5051 SL 1.5081 TP 1.5011

Today we made already +60 pips profit on GBP/USD from the following signal:

5:53 GMT Buy GBP/USD at 1.4987 SL 1.4961 TP 1.5047 TP reached at 7:35 GMT

Today so far +126, yesterday +124, as shown at www.zifx.com/performance.php

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

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