GBP/USD Technical Analysis 13 April 2011

By @ibtimes on

GBP/USD 1.6275 - 13 April 2011

GBP/USD Open 1.6254 High 1.6346 Low 1.6225 Close 1.6252

On Tuesday Pound/Dollar decreased with around 120 pips, in converse with the positive morning Interbank sentiment at over +17%. The Cable depreciated from 1.6346 to 1.6225 yesterday, closing the day at 1.6252. Today the British Pound is making recovery efforts, but unconvincing, and with movements within yesterday's range for the time being. 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 1.6346. Break above it should extend the bullish movement further towards the 1.6468. The nearest support is yesterday's bottom at 1.6225. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. Today are UK Claimant count, Average earnings, and ILO Jobless rate, all at 8:30 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6346 1.6468 1.6600
Technical support levels: 1.6225 1.6100 1.5978

Trading range: 1.6265 - 1.6335
Trend: Upward
Buy at 1.6275 SL 1.6245 TP 1.6325

Already made +40 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Buy GBP/USD at 1.6255 SL 1.6229 TP 1.6315, exit sent at 6:46 GMT+1.
Today so far +102, yesterday +123, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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