GBP/USD 1.6266 - 22 September 2009

GBP/USD Open 1.6218 High 1.6559 Low 1.6298 Close 1.6215

On Monday Pound/Dollar traded hesitantly attempt to rise, dropping to the 1.6139 bottom, where the bearish movement was limited there and the Cable recovered back up to today's 1.6298 top, closing the day at 1.6215. On the 3 hour chart the lower limit of the ascending channel stopped the bearish effort, holding the Sterling within the channel and forming divergence. Signals remain ascending for now, with targets towards 1.6300, followed by possible test of 1.6430. The nearest support is yesterday's bottom at 1.6140. Break bellow this level may lead to further weakening of the Sterling. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting further potential strengthening of the British currency.

Technical resistance levels: 1.6300 1.6430 1.6565

Technical support levels: 1.6140 1.6020 1.5900

Trading range: 1.6255 - 1.6330

Trend: Upward

Buy at 1.6266 SL 1.6236 TP 1.6316

Already made +21 pips profit on GBP/USD today from the following signal:

5:35 GMT+1 Sell GBP/USD at 1.6241 SL 1.6267 TP 1.6181 exited at 7:02 GMT

Today so far +113, yesterday +168, as shown at