GBP/USD 1.6628 - 20 November 2009

GBP/USD Open 1.6652 High 1.6746 Low 1.6589 Close 1.6664

Pound/Dollar made descending movement on Thursday, as expected, reaching a bottom at 1.6607 and closing the day at 1.6664. On the bigger picture on the 3 hour chart quotes are testing the lower limit of the bullish channel at 1.6280, which indicates a key support level. Our short term expectations are bearish, but we need a convincing break bellow that key support to confirm failure of the bulls and look for further downward impulse towards 1.6150, followed by 1.6000 in the longer term. The nearest resistance is represented by yesterday's top at 1.6745. Break above this zone may lead to stronger green candle with possible test of 1.6870. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting potential downward pressure.
Technical resistance levels: 1.6745 1.6870 1.7000
Technical support levels: 1.6590 1.6470 1.6340

Trading range: 1.6640 - 1.6565
Trend: Downward
Sell at 1.6628 SL 1.6658 TP 1.6578

Already made +60 pips profit on GBP/USD today from the following signal:
5:40 GMT+1 Sell GBP/USD at 1.6674 SL 1.6700 TP 1.6614 TP reached at 8:03 GMT
Today so far +139, yesterday +192, as shown in details at www.zifx.com/performance.php.

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