GBP/USD Technical Analysis 13 May 2011

By @ibtimes on

GBP/USD 1.6281 - 13 May 2011

GBP/USD Open 1.6280 High 1.6381 Low 1.6228 Close 1.6289

On Thursday Pound/Dollar resumed decreasing with 150 pips, in converse with the neutral Interbank sentiment at almost +2%. The Cable depreciated from 1.6381 to 1.6228 yesterday, closing the day at 1.6289. Today the British Pound is trading quietly and within yesterday's range for now. On the 1 hour chart the downward channel has renewed, while on the 3 hour chart new downward channel is emerging. First resistance is yesterday's peak at 1.6381. Break above it should extend the bullish movement further towards the 1.6500. The nearest support is yesterday's bottom and level at 1.6228. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. There are no major economic events for UK today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish market. The value of the RSI indicator is negative and inclining upwards, MACD is negative and inclining upwards too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6381 1.6500 1.6635
Technical support levels: 1.6228 1.6100 1.5975

Trading range: 1.6270 - 1.6345
Trend: Downward
Buy at 1.6281 SL 1.6251 TP 1.6331

Already made +25 pips profit on GBP/USD today from the following signal:
7:01 GMT+1 Sell GBP/USD at 1.6282 SL 1.6308 TP 1.6221, exit sent at 8:03 GMT+1.
Today so far +111, yesterday +163, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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