GBP/USD Technical Analysis 17 May 2011

By @ibtimes on

GBP/USD 1.6233 - 17 May 2011

GBP/USD Open 1.6203 High 1.6255 Low 1.6159 Close 1.6187

On Monday Pound/Dollar also began recovering with around 100 pips, in converse with the neutral Interbank sentiment at almost -1%. The Cable appreciated from 1.6159 to 1.6255 yesterday, closing the day at 1.6187. Today the British Pound is trading quietly and within yesterday's range for now. On the 1 hour chart the downward channel has renewed, while on the 3 hour chart new downward channel has emerged. First resistance is yesterday's peak at 1.6255. Break above it should extend the bullish movement further towards the 1.6371. The nearest support is yesterday's bottom and level at 1.6159. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6020. Today are UK HICP, Retail prices, RPI-X and Nationwide consumer confidence, at 8:30 and 23 GMT respectively. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and inclining upwards, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6255 1.6371 1.6500
Technical support levels: 1.6159 1.6020 1.5900

Trading range: 1.6220 - 1.6295
Trend: Upward
Buy at 1.6233 SL 1.6203 TP 1.6283

Already made +48 pips profit on GBP/USD today from the following signal:
5:31 GMT+1 Buy GBP/USD at 1.6196 SL 1.6170 TP 1.6256, exit sent at 8:28 GMT+1.
Today so far +128, yesterday +96, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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