GBP/USD Technical Analysis 23 May 2011

By @ibtimes on

GBP/USD 1.6159 - 23 May 2011

GBP/USD Open 1.6210 High 1.6291 Low 1.6135 Close 1.6225

On Friday Pound/Dollar increased with 120 pips, in converse with the negative Interbank sentiment at bellow -3%. The Cable appreciated from 1.6173 to 1.6291 on Friday, closing the week at 1.6225. Today the British Pound lost ground, weakening down to 1.6135. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the new downward channel has slowed down. First resistance is Friday's peak at 1.6291. Break above it should extend the bullish movement further towards the 1.6400. The nearest support is today's bottom and level at 1.6135. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6000. There are no major economic events for UK today. Quotes are moving way bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and dropping too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6291 1.6400 1.6533
Technical support levels: 1.6135 1.6000 1.5889

Trading range: 1.6170 - 1.6095
Trend: Downward
Sell at 1.6159 SL 1.6189 TP 1.6109

Already made +41 pips profit on GBP/USD today from the following signal:
5:28 GMT+1 Sell GBP/USD at 1.6205 SL 1.6231 TP 1.6145, TP reached at 8:35 GMT+1.
Today so far +165, on Friday +89, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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