GBP/USD 1.6342 - 18 September 2009

GBP/USD Open 1.6448 High 1.6559 Low 1.6298 Close 1.6450

On Thursday Pound/Dollar attempt to rise, reaching a peak at 1.6559, but the bullish movement was limited there and the Cable dropped down to the 1.6424 bottom, closing the day at 1.6450. On the 3 hour chart the upper limit of the downward channel stopped the bullish effort, holding the Sterling within the channel. Signals remain descending for now, with targets towards 1.6190, followed by possible test of 1.6060. The nearest resistance is yesterday's top 1.6560. Break above this level may lead to recovery beginning. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting further potential weakening of the British currency.

Technical resistance levels: 1.6560 1.6670 1.6800

Technical support levels: 1.6300 1.6190 1.6060

Trading range: 1.6355 - 1.6280

Trend: Downward

Sell at 1.6342 SL 1.6372 TP 1.6292

Already made +58 pips profit on GBP/USD today from the following signal:

7:31 GMT+1 Sell GBP/USD at 1.6358 SL 1.6384 TP 1.6298 exited at 8:28 GMT

Today so far +136, yesterday +154, as shown at www.zifx.com/performance.php

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