GBP/USD 1.6083 - 17 February 2011

GBP/USD Open 1.6088 High 1.6186 Low 1.5985 Close 1.6092

On Wednesday Pound/Dollar sharply dropped, losing all Tuesday's gains, in converse with the positive Interbank sentiment at above +15%. The Cable depreciated from 1.6186 to 1.5985 yesterday, closing the day at 1.6092. Today the British Pound is moving hesitantly and within yesterday's range for now. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is attempting to renew. 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 1.5985. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5870. Today are UK CBI industrial order books and output balance at 11 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6186 1.6300 1.6429
Technical support levels: 1.5985 1.5870 1.5759

Trading range: 1.6070 - 1.6145
Trend: Upward
Buy at 1.6083 SL 1.6053 TP 1.6133

Already made +25 pips profit on GBP/USD today from the following signal:
5:32 GMT Buy GBP/USD at 1.6098 SL 1.6072 TP 1.6158, exit sent at 8:05 GMT.
Today so far +98, yesterday +51, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com