GBP/USD Technical Analysis 10 January 2011

By @ibtimes on

GBP/USD 1.5515 - 10 January 2011
GBP/USD Open 1.5539 High 1.5580 Low 1.5405 Close 1.5541

On Friday Pound/Dollar increased with around 175 pips in the afternoon on the bad US data, in converse with the negative Interbank sentiment at nearly -7%. The Cable appreciated from 1.5405 to 1.5580 on Friday, closing the week at 1.5541. Today the British Pound is trading hesitantly and without clear direction for now. On the 1 hour chart trading is within range, while on the 3 hour chart the downward channel has slowed down. First resistance is Friday's peak at 1.5580. Break above it should extend the bullish movement further towards the 1.5700. The nearest support is Friday's bottom at 1.5405. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5290. There are no major economic events for UK today. Quotes are moving just bellow the 20 and just above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term slim bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and quiet, while CCI has just crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5580 1.5700 1.5826
Technical support levels: 1.5405 1.5290 1.5171

Trading range: 1.5525 - 1.5455
Trend: Downward
Sell at 1.5515 SL 1.5545 TP 1.5465

Already made +28 pips profit on GBP/USD today from the following signal:
7:03 GMT Sell GBP/USD at 1.5552 SL 1.5578 TP 1.5492, exit sent at 7:19 GMT.
Today so far +116, on Friday +99, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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