GBP/USD Technical Analysis 21 April 2011

By @ibtimes on

GBP/USD 1.6486 - 21 April 2011

GBP/USD Open 1.6389 High 1.6498 Low 1.6306 Close 1.6406

On Wednesday Pound/Dollar continued strengthening with 120 pips, in converse with the negative Interbank sentiment at almost -1%. The Cable appreciated from 1.6306 to 1.6427 yesterday, closing the day at 1.6406. Today the British Pound climbed further up, reaching 1.6498. On the 1 hour chart the upward channel has successfully resumed, while on the 3 hour chart quotes broke up of the wide trading range. First resistance is today's peak at 1.6498. Break above it should extend the bullish movement further towards the 1.6621. The nearest support is yesterday's bottom at 1.6227. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. Today are UK PSNCR , PSNB and Retail sales, all at 8:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and inclining upwards too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6498 1.6621 1.6750
Technical support levels: 1.6306 1.6182 1.6050

Trading range: 1.6475 - 1.6550
Trend: Upward
Buy at 1.6486 SL 1.6456 TP 1.6536

Already made +60 pips profit on GBP/USD today from the following signal:
5:28 GMT+1 Buy GBP/USD at 1.6436 SL 1.6410 TP 1.6496, TP reached at 8:40 GMT+1.
Today so far +195, yesterday +144, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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