GBP/USD Technical Analysis 22 February 2011

By @ibtimes on

GBP/USD 1.6150 - 22 February 2011
GBP/USD Open 1.6226 High 1.6261 Low 1.6149 Close 1.6223

On Monday Pound/Dollar also began correcting downwards with nearly 60 pips, in converse with the positive Interbank sentiment at nearly +30%. The Cable depreciated from 1.6261 to 1.6203 yesterday, closing the day at 1.6223. Today the British Pound weakened further down to 1.6149. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel has slowed down. First resistance is yesterday's peak at 1.6261. Break above it should extend the bullish movement further towards the 1.6379. The nearest support is today's bottom at 1.6149. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6020. Today are UK PSNCR and PSNB, both at 9:30 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and slightly descending too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6261 1.6379 1.6500
Technical support levels: 1.6149 1.6020 1.5900

Trading range: 1.6160 - 1.6090
Trend: Downward
Sell at 1.6150 SL 1.6180 TP 1.6100

Already made +43 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.6174 SL 1.6200 TP 1.6114, exit sent at 7:35 GMT.
Today so far +128, yesterday +101, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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