GBP/USD Technical Analysis 6 September 2010

06 September 2010 @ 04:00 am EDT

GBP/USD 1.5487 - 6 September 2010

GBP/USD Open 1.5448 High 1.5480 Low 1.5390 Close 1.5447

On Friday Pound/Dollar continued rising, in line with the positive Interbank sentiment at nearly +7%. The Cable appreciated from 1.5390 to 1.5466 on Friday, closing the week at 1.5447. Today the British currency is trying to push further up. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour chart the new downward channel has slowed down. First resistance is today's peak at 1.5480. Break above it should extend the bullish movement further towards 1.5572. The nearest support is Friday's bottom at 1.5390. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5268. Today was the UK Halifax house price index, already passed at 6 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure, with last warning red candle. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 1.5480 1.5572 1.5694

Technical support levels: 1.5390 1.5268 1.5135

Trading range: 1.5500 - 1.5425
Trend: Downward

Sell at 1.5487 SL 1.5517 TP 1.5437

Already made +23 pips profit on GBP/USD today from the following signal:

5:35 GMT+1 Buy GBP/USD at 1.5467 SL 1.5441 TP 1.5527 exit sent at 7:02 GMT+1.

Today so far +89, on Friday +92, as shown in details at http://www.zifx.com/performance.php.