GBP/USD Technical Analysis 20 May 2011

By @ibtimes on

GBP/USD 1.6235 - 20 May 2011

GBP/USD Open 1.6224 High 1.6244 Low 1.6130 Close 1.6231

On Thursday Pound/Dollar increased with just over 100 pips, in converse with the negative Interbank sentiment at bellow -1%. The Cable appreciated from 1.6130 to 1.6244 yesterday, closing the day at 1.6231. Today the British Pound is trading quietly, at the upper side of yesterday's range for the time being. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour chart the new downward channel is intact. First resistance is yesterday's peak at 1.6244. Break above it should extend the bullish movement further towards the 1.6370. The nearest support is yesterday's bottom and level at 1.6130. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6000. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6244 1.6370 1.6500
Technical support levels: 1.6130 1.6000 1.5877

Trading range: 1.6245 - 1.6175
Trend: Downward
Sell at 1.6235 SL 1.6265 TP 1.6185

Already made +18 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6227 SL 1.6253 TP 1.6167, exit sent at 8:05 GMT+1.
Today so far +83, yesterday +49, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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