GBP/USD Technical Analysis 11 February 2011

By @ibtimes on

GBP/USD 1.6069 - 11 February 2011
GBP/USD Open 1.6095 High 1.6139 Low 1.6001 Close 1.6096

On Thursday Pound/Dollar decreased significantly with almost 140 pips, in converse with the positive Interbank sentiment at nearly +14%. The Cable depreciated from 1.6139 to 1.6001 yesterday, closing the day at 1.6096. Today the British Pound is showing some weakness, but it's still moving within yesterday's range. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday's peak at 1.6139. Break above it should extend the bullish movement further towards the 1.6255. The nearest support is yesterday's bottom at 1.6001. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5880. Today are UK PPI Output and Input, both at 9:30 GMT. 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 negative and tranquil, 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: 1.6139 1.6255 1.6370
Technical support levels: 1.6001 1.5880 1.5754

Trading range: 1.6080 - 1.6005
Trend: Downward
Sell at 1.6069 SL 1.6099 TP 1.6019

Already made +32 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.6066 SL 1.6092 TP 1.6006, exit sent at 6:22 GMT.
Today so far +104, yesterday +111, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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