GBP/USD Technical Analysis 12 April 2011

By @ibtimes on

GBP/USD 1.6307 - 12 April 2011

GBP/USD Open 1.6340 High 1.6427 Low 1.6264 Close 1.6342

On Monday Pound/Dollar traded within 115 pip range, in line with the positive morning Interbank sentiment at over +19%. The Cable appreciated from 1.6313 to 1.6427 yesterday, closing the day at 1.6342. Today the British Pound is weakened, decreasing down to 1.6264. On the 1 hour chart quotes are returning into the trading range, while on the 3 hour chart the wide range also tries to hold movements within its limits. First resistance is yesterday's peak at 1.6427. Break above it should extend the bullish movement further towards the 1.6550. The nearest support is today's bottom at 1.6264. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6146. Today are UK Trade in goods, Non-EU trade, HICP, Retail prices, and RPI-X, all at 8:30 GMT. Quotes are moving bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6427 1.6550 1.6687
Technical support levels: 1.6264 1.6146 1.6015

Trading range: 1.6320 - 1.6245
Trend: Downward
Sell at 1.6307 SL 1.6337 TP 1.6257

Already made +45 pips profit on GBP/USD today from the following signal:
5:31 GMT+1 Sell GBP/USD at 1.6309 SL 1.6335 TP 1.6249, exit sent at 8:07 GMT+1.
Today so far +108, yesterday +63, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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