GBP/USD 1.6475 - 21 October 2009

GBP/USD Open 1.6379 High 1.6517 Low 1.6251 Close 1.6378

Pound/Dollar continued its bullish movement on Tuesday, reaching a peak at 1.6480, closing the day at 1.6378. On the 3 hour chart quotes broke up the upper limit of the bearish channel at 1.6500, which is the last resistance of the downward scenario. Our preferable short term scenario is bullish with next targets towards 1.6650. The nearest support is yesterday's bottom at 1.6330. Break down of that level may renew the bearish channel and weaken the British currency further towards 1.6200. CCI has convincingly crossed up the 100 line on the 1 hour chart, suggesting strong bulls.
Technical resistance levels: 1.6520 1.6650 1.6795
Technical support levels: 1.6330 1.6200 1.6065

Trading range: 1.6465 - 1.6535
Trend: Upward
Buy at 1.6475 SL 1.6445 TP 1.6525

Already made +60 pips profit on GBP/USD today from the following signal:
8:10 GMT+1 Buy GBP/USD at 1.6442 SL 1.6416 TP 1.6502 TP reached at 8:30 GMT
Today so far +141, yesterday +114, as shown in details at www.zifx.com/performance.php.

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