GBP/USD 1.6492 - 10 September 2009
GBP/USD Open 1.6534 High 1.6585 Low 1.6457 Close 1.6544

Pound/Dollar made a moderate increasing movement on Wednesday. The Cable reached a peak at 1.6585, where the ascending strength was limited, and the currency pair closed the day at 1.6544. The Sterling seem currently stuck in a 36.8% - 48.4% Fibonacci range, between 1.6042 and 1.7019, on the 3 hour chart. Signals are neutral for now, as we need to see of valid break our the trading range to get idea for a clearer movement direction. An ascending channel on the 1 hour chart is still valid, but our preferable scenario is down with targets towards 1.6455, and 1.6330. The CCI has crossed down the 100 line on the 1 hour chart, suggesting potential downward correction with possible test of 1.6455. Break at that level could strengthen the current downward impulse and weaken the Pound further.

Technical resistance levels: 1.6585 1.6700 1.6825

Technical support levels: 1.6455 1.6330 1.6200

Trading range: 1.6545 - 1.6475

Trend: Downward

Sell at 1.6535 SL 1.6565 TP 1.6485

Already made +24 pips profit on GBP/USD today from the following signal:

8:23 GMT+1 Sell GBP/USD at 1.6529 SL 1.6555 TP 1.6469 exited at 8:51 GMT

Today so far +80, yesterday +101, as shown at www.zifx.com/performance.php

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