GBP/USD 1.6682 - 19 November 2009

GBP/USD Open 1.6738 High 1.6839 Low 1.6644 Close 1.6741

On Wednesday Pound/Dollar was trading hesitantly, reaching a top first at 1.6839, than dropping down to 1.6716, closing the day at 1.6741, which indicates consolidation. On the 3 hour chart quotes still can not make a convincing break above 1.6866, which indicates bulls' weakness. The CCI indications are neutral in the middle term, but till we have a clear valid bullish channel, the descending scenario remains our preferable expectation, especially if we see movement bellow the nearest 1.6645 support, with next objectives towards 1.6510. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting potential downward pressure with possible test of the 1.6510 support. Break bellow this level can be considered as a serious threat to the bullish scenario.
Technical resistance levels: 1.6840 1.7000 1.7140
Technical support levels: 1.6645 1.6510 1.6370

Trading range: 1.6695 - 1.6620
Trend: Downward
Sell at 1.6682 SL 1.6712 TP 1.6632

Already made +37 pips profit on GBP/USD today from the following signal:
6:20 GMT+1 Sell GBP/USD at 1.6726 SL 1.6752 TP 1.6666 TP reached at 7:55 GMT
Today so far +192, yesterday +134, as shown in details at www.zifx.com/performance.php.

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