GBP/USD Technical Analysis 16 March 2011

By @ibtimes on

GBP/USD 1.6103 - 16 March 2011
GBP/USD Open 1.6062 High 1.6186 Low 1.5977 Close 1.6078

On Tuesday Pound/Dollar decreased significantly with over 200 pips, in converse with the positive Interbank sentiment at above +10%. The Cable depreciated from 1.6186 to 1.5977 yesterday, closing the day at 1.6078. Today the British Pound is making recovery attempts, but it's still moving within yesterday's range for the time being. On the 1 hour chart quotes are moving at the lower side of a wide range, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.6186. Break above it should extend the bullish movement further towards the 1.6300. The nearest support is yesterday's bottom at 1.5977. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5850. Today are UK Claimant count, Average earnings and ILO Jobless rate, all at 9:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6186 1.6300 1.6448
Technical support levels: 1.5977 1.5850 1.5716

Trading range: 1.6090 - 1.6165
Trend: Upward
Buy at 1.6103 SL 1.6073 TP 1.6153

Already made +60 pips profit on GBP/USD today from the following signal:
5:30 GMT Buy GBP/USD at 1.6066 SL 1.6040 TP 1.6126, TP reached at 8:21 GMT.
Today so far +111, yesterday +123, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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