GBP/USD 1.6313 - 16 October 2009

GBP/USD Open 1.6285 High 1.6400 Low 1.5993 Close 1.6267

Yesterday Pound/Dollar made a significant upward movement. The cable climbed from 1.5993 with nearly 300 pips, closing the day at 1.6267. This morning ascending continued to the key 1.6400 resistance, which limited the climbing for now, and we see currently deep correctional bounce. If the above resistance is convincingly broken up, the ascending impulse may continue with next targets towards 1.6530. CCI is in the overbought zone and downwards of the 1 hour chart, so be careful for possible further downward adjustment towards 1.5995. Break below this level might deepen the weakening of the British currency further down to 1.5770.

Technical resistance levels: 1.6400 1.6530 1.6685

Technical support levels: 1.5995 1.5770 1.5640

Trading range: 1.6325 - 1.6240

Trend: Downward

Sell at 1.6313 SL 1.6343 TP 1.6253

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

6:11 GMT+1 Sell GBP/USD at 1.6343 SL 1.6369 TP 1.6283 TP reached at 7:44 GMT

Today so far +163, yesterday +101, as shown at www.zifx.com/performance.php

/