GBP/USD Technical Analysis 12 January 2011

By @ibtimes on

GBP/USD 1.5636 - 12 January 2011
GBP/USD Open 1.5605 High 1.5665 Low 1.5511 Close 1.5596

On Tuesday Pound/Dollar continued increasing with around 130 pips, in line with the positive Interbank sentiment at almost +14%. The Cable appreciated from 1.5511 to 1.5640 yesterday, closing the day at 1.5596. Today the British Pound rose further up to 1.5660. On the 1 hour chart quotes are testing the upper limit of the wide range, while on the 3 hour chart the downward channel is on hold. First resistance is today's peak at 1.5665. Break above it should extend the bullish movement further towards the 1.5777. The nearest support is yesterday's bottom at 1.5511. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5400. Today is UK BoE meeting 1st day. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5665 1.5777 1.5900
Technical support levels: 1.5511 1.5400 1.5279

Trading range: 1.5625 - 1.5700
Trend: Upward
Buy at 1.5636 SL 1.5606 TP 1.5686

Already made +18 pips profit on GBP/USD today from the following signal:
5:33 GMT Sell GBP/USD at 1.5633 SL 1.5668 TP 1.5573, exit sent at 7:04 GMT.
Today so far +53, yesterday +93, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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