GBP/USD Technical Analysis 15 February 2011

By @ibtimes on

GBP/USD 1.6079 - 15 February 2011
GBP/USD Open 1.6023 High 1.6079 Low 1.5980 Close 1.6035

On Monday Pound/Dollar was moving within 100 pip range, in line with the morning positive Interbank sentiment at nearly +15%. The Cable appreciated from 1.5980 to 1.6079 yesterday, later going back down the same length, closing the day at 1.6035. Today the British Pound is trading hesitantly and within yesterday's range for now. On the 1 hour chart the upward channel is still on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday's peak at 1.6079. Break above it should extend the bullish movement further towards the 1.6200. The nearest support is yesterday's bottom at 1.5980. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5859. Today are UK HICP, Retail prices and RPI-X, all at 9:30 GMT. Quotes have just crossed up the almost even 20 and 50 EMA on the 1 hour chart, indicating bullish impulse. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6079 1.6200 1.6332
Technical support levels: 1.5980 1.5859 1.5738

Trading range: 1.6090 - 1.6015
Trend: Downward
Sell at 1.6079 SL 1.6109 TP 1.6029

Already made +41 pips profit on GBP/USD today from the following signal:
5:29 GMT Sell GBP/USD at 1.6047 SL 1.6073 TP 1.5987, exit sent at 7:59 GMT.
Today so far +151, yesterday +78, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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