GBP/USD Technical Analysis 1 March 2011

By @ibtimes on

GBP/USD 1.6304 - 1 March 2011
GBP/USD Open 1.6268 High 1.6300 Low 1.6069 Close 1.6255

On Monday Pound/Dollar increased significantly with nearly 120 pips, in line with the positive Interbank sentiment at almost +26%. The Cable appreciated from 1.6069 to 1.6278 yesterday, closing the day at 1.6255. Today the British Pound recovered even further, reaching up to 1.6300. On the 1 hour chart small angle wide upward channel has emerged, while on the 3 hour chart the upward channel is making renewal attempts. First resistance is today's peak at 1.6300. Break above it should extend the bullish movement further towards the 1.6422. The nearest support is yesterday's bottom at 1.6069. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5950. Today are UK Nationwide house price index, CIPS manufacturing index, M4 money supply and Consumer credit, at 7 and 9:30 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and quiet, while CCI has strongly crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6300 1.6422 1.6550
Technical support levels: 1.6069 1.5950 1.5812

Trading range: 1.6290 - 1.6365
Trend: Upward
Buy at 1.6304 SL 1.6274 TP 1.6354

Already made +60 pips profit on GBP/USD today from the following signal:
5:35 GMT Buy GBP/USD at 1.6256 SL 1.6230 TP 1.6316, TP reached at 8:11 GMT.
Today so far +123, yesterday +114, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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