GBP/USD 1.6377 - 17 August 2009

GBP/USD Open 1.6507 High 1.6606 Low 1.6490 Close 1.6537

On Friday Pound/Dollar had a moderate decreasing momentum from 1.6606 to 1.6490, closing the week at 1.6537. On the 1 hour chart the Cable formed a secondary bearish channel indicating more potential descending pressure with possible test of 1.6330. Signals are descending in the short term, and neutral the medium term. Immediate support is represented by the 1.6330 level. Break down of it may cause further bearish impetus towards next target 1.6200. The nearest resistance is 1.6520. CCI has crossed down the 100 line on the 1 hour chart, suggesting further downward perspectives.

Technical resistance levels: 1.6520 1.6650 1.6800

Technical support levels: 1.6330 1.6200 1.6065

Trading range: 1.6390 - 1.6315

Trend: Downward

Sell at 1.6377 SL 1.6407 TP 1.6327

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

5:43 GMT+1 Sell GBP/USD at 1.6463 SL 1.6489 TP 1.6403 TP reached at 7:08 GMT

Today so far +161, on Friday +138, as shown at www.zifx.com/performance.php