GBP/USD 1.6387 - 20 October 2009

GBP/USD Open 1.6397 High 1.6446 Low 1.6251 Close 1.6417

On Monday Pound/Dollar descended down to the 1.6251 bottom, from where the cable started climbing up to 1.6436, closing the day at 1.6417. This morning ascending continued to the key 1.6445 resistance, which limited the climbing for now, and we see currently deep correctional bounce. If the above resistance is convincingly broken up, the ascending impulse may continue with next targets towards 1.6570. CCI is in the overbought zone and downwards of the 1 hour chart, so be careful for possible further downward adjustment towards 1.6250. Break below this level might deepen the weakening of the British currency further down to 1.6115.
Technical resistance levels: 1.6445 1.6570 1.6700
Technical support levels: 1.6250 1.6115 1.6000

Trading range: 1.6400 - 1.6325
Trend: Downward
Sell at 1.6387 SL 1.6417 TP 1.6337

Already made +51 pips profit on GBP/USD today from the following signal:
5:37 GMT+1 Buy GBP/USD at 1.6395 SL 1.6369 TP 1.6455 exited at 7:10 GMT
Today so far +114, yesterday +189, as shown in details here.

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