GBP/USD Technical Analysis 10 May 2011

By @ibtimes on

GBP/USD 1.6377 - 10 May 2011

GBP/USD Open 1.6408 High 1.6424 Low 1.6269 Close 1.6401

On Monday Pound/Dollar decreased with almost 150 pips, later recovered, in line with the neutral Interbank sentiment at almost +3%. The Cable depreciated from 1.6418 to 1.6269 yesterday, later climbed up to 1.6424, closing the day at 1.6401. Today the British Pound is showing some weakness again, but movements are still within yesterday's range. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart the upward channel was broken upwards. First resistance is yesterday's peak at 1.6424. Break above it should extend the bullish movement further towards the 1.6552. The nearest support is yesterday's bottom at 1.6269. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6247. 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 declining, MACD is neutral and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6424 1.6552 1.6700
Technical support levels: 1.6269 1.6247 1.6100

Trading range: 1.6390 - 1.6315
Trend: Downward
Sell at 1.6377 SL 1.6407 TP 1.6327

Already made +38 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6398 SL 1.6424 TP 1.6338, TP reached at 8:18 GMT+1.
Today so far +164, yesterday +88, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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