GBP/USD Technical Analysis 20 December 2010

By @ibtimes on

GBP/USD 1.5536 - 20 December 2010
GBP/USD Open 1.5509 High 1.5648 Low 1.5453 Close 1.5527

On Friday Pound/Dollar resumed declining with nearly 200 pips, in line with the negative Interbank sentiment at nearly -3%. The Cable depreciated from 1.5648 to 1.5453 on Friday, closing the week at 1.5527. Today the British Pound is trading quietly and without clear direction for now. On the 1 hour chart the range trading is breaking downwards, while on the 3 hour chart the downward channel is making renewal attempts. First resistance is Friday's peak at 1.5648. Break above it should extend the bullish movement further towards the 1.5775. The nearest support is Friday's bottom at 1.5453. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5332. There are no major economic events for UK today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5648 1.5775 1.5900
Technical support levels: 1.5453 1.5332 1.5200

Trading range: 1.5525 - 1.5590
Trend: Upward
Buy at 1.5536 SL 1.5506 TP 1.5576

Already made +5 pips profit on GBP/USD today from the following signal:
7:36 GMT Sell GBP/USD at 1.5537 SL 1.5563 TP 1.5477, exit sent at 7:39 GMT.
Today so far +43, on Friday +108, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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