GBP/USD 1.6713 - 11 September 2009

GBP/USD Open 1.6650 High 1.6742 Low 1.6487 Close 1.6648

Pound/Dollar continued its bullish movement on Thursday with around 250 pips. On the 3 hour chart we can see that the Cable broke up of the 37.2% - 46.2% Fibonacci range, between 1.6133 and 1.6563, hit a peak of 1.6682, closing the day at 1.6648. Quotes are still convincingly moving within the ascending channel. Signals are expected to remain upward in the short term, with targets towards 1.6745, which is a good resistance level. Therefore any downward adjustment with possible test of 1.6580 would not come as a surprise. Retention above 1.6700 may lead to further upward impulse towards 1.6870, followed by the psychological 1.7000. The CCI has crossed down the 100 line on the 1 hour chart, suggesting potential downward correction.

Technical resistance levels: 1.6745 1.6870 1.7000

Technical support levels: 1.6490 1.6380 1.6250

Trading range: 1.6725 - 1.6650

Trend: Downward

Sell at 1.6713 SL 1.6743 TP 1.6663

Already made +43 pips profit on GBP/USD today from the following signal:

5:36 GMT+1 Buy GBP/USD at 1.6700 SL 1.6674 TP 1.6760 exited at 7:05 GMT

Today so far +138, yesterday +80, as shown at www.zifx.com/performance.php

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