GBP/USD Technical Analysis 23 December 2010

By @ibtimes on

GBP/USD 1.5396 - 23 December 2010
GBP/USD Open 1.5404 High 1.5494 Low 1.5354 Close 1.5383

On Wednesday Pound/Dollar continued decreasing with around 140 pips, in converse with the positive Interbank sentiment at nearly +10%. The Cable depreciated from 1.5494 to 1.5354 yesterday, closing the day at 1.5383. Today the British Pound is slightly adjusting, but it's still moving within yesterday's range. On the 1 hour chart new downward channel is forming, while on the 3 hour chart the downward channel has renewed. First resistance is yesterday's peak at 1.5494. Break above it should extend the bullish movement further towards the 1.5610. The nearest support is yesterday's bottom at 1.5354. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5354. There are no major economic events for UK today. Quotes have just crossed down the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, MACD is negative and tranquil, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5494 1.5610 1.5733
Technical support levels: 1.5354 1.5240 1.5100

Trading range: 1.5410 - 1.5345
Trend: Downward
Sell at 1.5396 SL 1.5426 TP 1.5356

Already made +50 pips profit on GBP/USD today from the following signal:
5:33 GMT Sell GBP/USD at 1.5423 SL 1.5449 TP 1.5363, exit sent at 8:13 GMT.
Today so far +128, yesterday +131, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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