GBP/USD still weak bellow 1.6170 on 17 June 2011

By @ibtimes on

GBP/USD Open 1.6157 High 1.6227 Low 1.6077 Close 1.6191

On Thursday Pound/Dollar continued decreasing with almost 160 pips, in line with the negative Interbank sentiment at almost -16%. The Cable depreciated from 1.6227 to 1.6077 yesterday, closing the day at 1.6154. Today the British Pound is trading quietly, and within yesterday's range for now. On the 1 hour chart new downward channel has formed, while on the 3 hour chart quotes are testing the lower limit of the wide trading range. First resistance is yesterday's peak at 1.6227. Break above it should extend the bullish movement further towards 1.6350. The nearest support level is today's bottom at 1.6077. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5950. There are no major economic events for UK today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6227 1.6350 1.6488
Technical support levels: 1.6077 1.5950 1.5814

Trading range: 1.6140 - 1.6065
Trend: Downward
Sell at 1.6128 SL 1.6158 TP 1.6078

Already made +12 pips profit on GBP/USD today from the following signal:
5:20 GMT+1 Sell GBP/USD at 1.6118 SL 1.6144 TP 1.6058, exit sent at 6:11 GMT+1.
Today so far +100, yesterday +140, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion