GBP/USD Technical Analysis 13 January 2010

Pound/Dollar made a rising effort on Tuesday, reaching a peak at 1.6193, where the ascending movement was limited, closing the day at 1.6157. On the 3 hour chart quotes are attempting to break up the upper limit of the downward channel at 1.6232, which for now appears to be a strong support. Short term signals are neutral, while intraday signals are expected to be rising. In the longer term moving back into the bearish channel should be considered as a failure of the bulls, which may further trigger significant downward impulse with targets towards 1.5977. Immediate support is 1.6065, the breach of which will confirm the downward scenario. The nearest resistance is today's top at 1.6232. Break above it could bring threat to the bears' domination and lead the Sterling further upwards with possible test of 1.6335. The CCI, MACD and RSI indicators are positive on the 1 hour chart, suggesting bullish pressure.Technical resistance levels: 1.6232 1.6335 1.6455Technical support levels: 1.6065 1.5977 1.5890

Trading range: 1.6185 - 1.6255Trend: UpwardBuy at 1.6195 SL 1.6165 TP 1.6245

Already made +52 pips profit on GBP/USD today from the following signal:5:33 GMT Buy GBP/USD at 1.6182 SL 1.6156 TP 1.6242 exited at 7:36 GMTToday so far +113, yesterday +66, as shown in details at www.zifx.com/performance.php.