GBP/USD 1.6126 - 15 October 2009

GBP/USD Open 1.5995 High 1.6134 Low 1.5902 Close 1.5981

Pound/Dollar could not continue the downward scenario yesterday and followed the Euro upwards. On the 3 hour chart after failing to hold under 1.5753, quotes rose sharply, taking over the key 1.6000 resistance, which is serious threat to descending outlook. Although it is too early to confirm the bullish scenario, the signals are expected to be ascending for now, with potential test of 1.6250. Break above this level may trigger further increasing momentum and strengthen the British Pound. While the weakening of the Dollar continues, potential turning ascending scenario should not be unexpected. The nearest support is yesterday's bottom at 1.5900. Break under it should may return the bears on the stage with targets towards 1.5780. The CCI indicator has crossed up the 100 line on the 1 hour chart, indicating ascending pressure.

Technical resistance levels: 1.6135 1.6250 1.6385

Technical support levels: 1.5900 1.5780 1.5650

Trading range: 1.6115 - 1.6190

Trend: Upward

Buy at 1.6126 SL 1.6096 TP 1.6176

Already made +60 pips profit on GBP/USD today from the following signal:

5:36 GMT+1 Buy GBP/USD at 1.6051 SL 1.6025 TP 1.6111 TP reached at 7:12 GMT

Today so far +101, yesterday +83, as shown at