GBP/USD Technical Analysis 2 February 2010

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GBP/USD 1.5945 - 2 February 2010
GBP/USD Open 1.5948 High 1.5980 Low 1.5853 Close 1.5955

Pound/Dollar traded downwards on Monday, from the 1.5980 top, down to the 1.5853 bottom, closing the day at 1.5955. The 1.5853 bottom and support is still holding the bearish attacks, and only persuasive break bellow it would confirm the short term downwards scenario. On the 1 hour chart the Cable is moving within a newly formed downward channel, which started on 19 January. Only a significant climb above its upper limit and nearest resistance at 1.5980 may shake the bearish perspective and lead to further recovery of the British currency. Quotes are currently moving bellow the 20 and 50 EMA, which signals for bearish movement continuation for now. RSI and CCI indicators confirm decreasing scenario, while MACD is just under zero, but also supporting the Dollar. Generally, indicators signal for descending pressure.
Technical resistance levels: 1.5980 1.6069 1.6173
Technical support levels: 1.5853 1.5765 1.5644

Trading range: 1.5955 - 1.5885
Trend: Downward
Sell at 1.5945 SL 1.5975 TP 1.5895

Already made +44 pips profit on GBP/USD today from the following signal:
5:39 GMT Sell GBP/USD at 1.5946 SL 1.5972 TP 1.5886 exit sent 8:36 GMT
Today so far +80, yesterday +117, as shown in details at www.zifx.com/performance.php.

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