GBP/USD 1.6465 - 21 August 2009

GBP/USD Open 1.6499 High 1.6605 Low 1.6416 Close 1.6504

On Thursday Pound/Dollar attempted rising, reaching a peak of 1.6605, where further increasing momentum was limited, the Cable dropped down to the bottom 1.6446, closing the day at 1.6504. On the 1 hour chart The Sterling is still moving within the bearish channel. There is a triangular formation on the 1 hour chart, indicating consolidation phase. Break out of the triangle may give us a clearer movement direction. The nearest resistance is yesterday's top at 1.6605. Break above it may trigger further bullish impulse with targets towards 1.6710. Immediate support is Wednesday's bottom 1.6375. The CCI indicator has crossed up the 100 line on the 1 hour hour chart, indicating bullish pressure.

Technical resistance levels: 1.6605 1.6710 1.6845

Technical support levels: 1.6375 1.6260 1.6135

Trading range: 1.6455 - 1.6525

Trend: Upward

Buy at 1.6465 SL 1.6435 TP 1.6515

Already made +33 pips profit on GBP/USD today from the following signal:

5:38 GMT+1 Sell GBP/USD at 1.6451 SL 1.6477 TP 1.6391 exited at 6:09 GMT

Today so far +114, yesterday +130, as shown at www.zifx.com/performance.php