GBP/USD Technical Analysis 18 February 2011

By @ibtimes on

GBP/USD 1.6194 - 18 February 2011
GBP/USD Open 1.6177 High 1.6187 Low 1.6074 Close 1.6171

On Thursday Pound/Dollar resumed increasing with over 110 pips, in line with the positive Interbank sentiment at nearly +17%. The Cable appreciated from 1.6074 to 1.6187 yesterday, closing the day at 1.6171. 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 making renewal efforts. First resistance is yesterday's peak at 1.6187. Break above it should extend the bullish movement further towards the 1.6300. The nearest support is yesterday's bottom at 1.6074. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5950. Today is UK Retail sales 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 calm, MACD is positive and quiet too, while CCI has strongly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6187 1.6300 1.6429
Technical support levels: 1.6074 1.5950 1.5824

Trading range: 1.6180 - 1.6255
Trend: Upward
Buy at 1.6194 SL 1.6164 TP 1.6244

Already made +60 pips profit on GBP/USD today from the following signal:
7:05 GMT Buy GBP/USD at 1.6147 SL 1.6121 TP 1.6207, TP reached at 7:59 GMT.
Today so far +87, yesterday +98, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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