GBP/USD Technical Analysis 18 May 2011

By @ibtimes on

GBP/USD 1.6236 - 18 May 2011

GBP/USD Open 1.6247 High 1.6314 Low 1.6172 Close 1.6249

On Tuesday Pound/Dollar also continued recovering with around 130 pips, in converse with the negative Interbank sentiment at bellow -3%. The Cable appreciated from 1.6172 to 1.6314 yesterday, closing the day at 1.6249. Today the British Pound is making further ascending attempts, but movements are within yesterday's range for now. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the new downward channel has slowed down. First resistance is yesterday's peak at 1.6314. Break above it should extend the bullish movement further towards the 1.6433. The nearest support is yesterday's bottom and level at 1.6172. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6050. Today are UK BoE meeting minutes, Claimant count, Average earnings and ILO Jobless rate, all at 8:30 GMT. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral and declining, MACD is positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6314 1.6433 1.6560
Technical support levels: 1.6172 1.6050 1.5916

Trading range: 1.6225 - 1.6300
Trend: Upward
Buy at 1.6236 SL 1.6206 TP 1.6286

Already made +16 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6273 SL 1.6247 TP 1.6333, exit sent at 7:09 GMT+1.
Today so far +85, yesterday +148, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion