GBP/USD Technical Analysis 14 December 2010

By @ibtimes on

GBP/USD 1.5882 - 14 December 2010
GBP/USD Open 1.5859 High 1.5910 Low 1.5720 Close 1.5862

On Monday Pound/Dollar also increased significantly with over 170 pips, in line with the positive Interbank sentiment at almost +12%. The Cable appreciated from 1.5720 to 1.5896 yesterday, closing the day at 1.5862. Today the British Pound is trading quietly and without clear direction for now. On the 1 hour chart new upward channel is forming, while on the 3 hour chart the downward channel was broken upwards. First resistance is today's peak at 1.5910. Break above it should extend the bullish movement further towards the 1.6026. The nearest support is yesterday's bottom at 1.5720. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5600. Today are the UK HICP, Retail prices and RPI-X, all at 9:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and calm, 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: 1.5910 1.6026 1.6150
Technical support levels: 1.5720 1.5600 1.5477

Trading range: 1.5870 - 1.5945
Trend: Upward
Buy at 1.5882 SL 1.5852 TP 1.5932

Already made +47 pips profit on GBP/USD today from the following signal:
5:32 GMT Buy GBP/USD at 1.5864 SL 1.5838 TP 1.5924, exit sent at 8:19 GMT.
Today so far +160, yesterday +111, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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