GBP/USD Technical Analysis 10 March 2011

By @ibtimes on

GBP/USD 1.6139 - 10 March 2011
GBP/USD Open 1.6200 High 1.6243 Low 1.6122 Close 1.6197

On Wednesday Pound/Dollar increased insignificantly with just over 100 pips, in line with the positive Interbank sentiment at almost +8%. The Cable appreciated from 1.6136 to 1.6243 yesterday, closing the day at 1.6197. Today the British Pound weakened, dropping down to 1.6122. On the 1 hour chart quotes are moving in a wide range, while on the 3 hour chart the upward channel has slowed down. First resistance is yesterday's peak at 1.6243. Break above it should extend the bullish movement further towards the 1.6360. The nearest support is today's bottom at 1.6122. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6000. Today are UK Industrial production, Manufacturing output, and BoE meeting announcement, at 9:30 and 12 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and descending too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6243 1.6360 1.6488
Technical support levels: 1.6122 1.6000 1.5882

Trading range: 1.6150 - 1.6075
Trend: Downward
Sell at 1.6139 SL 1.6169 TP 1.6089

Already made +46 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.6168 SL 1.6194 TP 1.6108, exit sent at 8:32 GMT.
Today so far +142, yesterday +112, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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