GBP/USD Technical Analysis 16 December 2009

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GBP/USD 1.6265 - 16 December 2009
GBP/USD Open 1.6265 High 1.6320 Low 1.6189 Close 1.6267

Pound/Dollar made an increasing movement on Tuesday, reaching a peak at 1.6315, from where the Cable dropped as expected, down to 1.6209 bottom, closing the day at 1.6267. The Sterling is still in consolidation phase as quotes are still moving within the 1.6190 - 1.6320 range. We will be expecting break out of the above range for further clearer direction of the currency couple. Break upwards may bring serious threat to the bearish prospects and could lead to test of the 1.6320 resistance, while downward penetration can potentially weaken the British Pound further down to the 1.6189 support. The CCI indicator is leaning downwards on the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 1.6320 1.6476 1.6666
Technical support levels: 1.6189 1.6110 1.6025

Trading range: 1.6275 - 1.6205
Trend: Downward
Sell at 1.6265 SL 1.6295 TP 1.6215

Already made +50 pips profit on GBP/USD today from the following signal:
6:27 GMT Sell GBP/USD at 1.6274 SL 1.6300 TP 1.6214 exited at 8:44 GMT
Today so far +114, yesterday +162, as shown in details at www.zifx.com/performance.php.

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