GBP/USD Technical Analysis 6 November 2009

06 November 2009 @ 03:54 am EDT

GBP/USD 1.6592 - 6 November 2009

GBP/USD Open 1.6567 High 1.6638 Low 1.6475 Close 1.6581

Pound/Dollar also climbed on Thursday, from the 1.6475 bottom to the 1.6638 peak, closing the day at 1.6581. On the 3 hour chart the formed triangle was technically broken upwards, indicating a potential strengthening of the bulls towards next objectives 1.6765, followed by 1.6900. The nearest support is yesterday's bottom 1.6475. Break bellow in this zone may threaten the upward outlook, but our preferable scenario for now is ascending. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish perspectives.

Technical resistance levels: 1.6640 1.6765 1.6900

Technical support levels: 1.6475 1.6350 1.6205

Trading range: 1.6580 - 1.6655

Trend: Upward

Buy at 1.6592 SL 1.6562 TP 1.6642

Already made +37 pips profit on GBP/USD today from the following signal:

6:40 GMT+1 Buy GBP/USD at 1.6585 SL 1.6559 TP 1.6645 exited at 8:38 GMT

Today so far +81, yesterday +75, as shown in details at www.zifx.com/performance.php.

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

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