GBP/USD Technical Analysis 15 April 2011

By @ibtimes on

GBP/USD 1.6341 - 15 April 2011

GBP/USD Open 1.6352 High 1.6385 Low 1.6252 Close 1.6347

On Thursday Pound/Dollar increased with with 130 pips, in line with the morning Interbank sentiment at over +11%. The Cable appreciated from 1.6252 to 1.6385 yesterday, closing the day at 1.6347. Today the British Pound is moving hesitantly, and within yesterday's range for the time being. On the 1 hour chart the upward channel is making renewal efforts, while on the 3 hour chart quotes are still held within the wide trading range. First resistance is yesterday's peak at 1.6385. Break above it should extend the bullish movement further towards the 1.6500. The nearest support is yesterday's bottom at 1.6252. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6121. There are no major economic events for UK today. Quotes have just crossed up the 20 and are moving above 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6385 1.6500 1.6629
Technical support levels: 1.6252 1.6121 1.6000

Trading range: 1.6330 - 1.6405
Trend: Upward
Buy at 1.6341 SL 1.6311 TP 1.6391

Already made +28 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6338 SL 1.6312 TP 1.6398, exit sent at 8:23 GMT+1.
Today so far +117, yesterday +172, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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