GBP/USD Technical Analysis 2 March 2011

By @ibtimes on

GBP/USD 1.6217 - 2 March 2011
GBP/USD Open 1.6253 High 1.6330 Low 1.6214 Close 1.6262

On Tuesday Pound/Dollar was trading within 80 pip range, in line with the morning positive Interbank sentiment at almost +38%. The Cable appreciated from 1.6251 to 1.6330 yesterday, closing the day at 1.6262. Today the British Pound weakened, dropping down to to 1.6214. On the 1 hour chart small angle wide upward channel has emerged, while on the 3 hour chart the upward channel has resumed. First resistance is yesterday's peak at 1.6330. Break above it should extend the bullish movement further towards the 1.6452. The nearest support is today's bottom at 1.6214. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. There are no major economic events for UK today. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is neutral and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.6330 1.6452 1.6584
Technical support levels: 1.6214 1.6100 1.5977

Trading range: 1.6205 - 1.6280
Trend: Upward
Buy at 1.6217 SL 1.6187 TP 1.6267

Already made +30 pips profit on GBP/USD today from the following signal:
5:30 GMT Buy GBP/USD at 1.6218 SL 1.6192 TP 1.6278, exit sent at 6:55 GMT.
Today so far +71, yesterday +132, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion