GBP/USD 1.6264 - 10 December 2009

GBP/USD Open 1.6266 High 1.6344 Low 1.6167 Close 1.6268

Pound/Dollar made a significant downward movement on Wednesday, reaching a bottom at 1.6167, from where the Cable sharply jumped to the 1.6344 top, closing the day at 1.6268. This should be regarded as a further extension of the bearish scenario with next objectives towards 1.6045. However, we need a consistent movement under 1.6167 to confirm the bears' domination at this stage. The nearest resistance is yesterday's top at 1.6344. Break above that level might trigger a stronger bullish adjustment towards 1.6476. The longer quotes remain below 1.6400, our preferable scenario would be bearish. The CCI indicator is in the oversold area and upwards on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 1.6344 1.6476 1.6666
Technical support levels: 1.6167 1.6045 1.5952

Trading range: 1.6250 - 1.6325
Trend: Upward
Buy at 1.6264 SL 1.6234 TP 1.6314

Already made +52 pips profit on GBP/USD today from the following signal:
5:32 GMT Sell GBP/USD at 1.6266 SL 1.6292 TP 1.6206 exited at 7:45 GMT
Today so far +132, yesterday +181, as shown in details at