GBP/USD Technical Analysis 24 May 2011

By @ibtimes on

GBP/USD 1.6138 - 24 May 2011

GBP/USD Open 1.6102 High 1.6248 Low 1.6055 Close 1.6115

On Monday Pound/Dollar decreased with over 160 pips, in line with the negative Interbank sentiment at bellow -2%. The Cable depreciated from 1.6248 to 1.6086 yesterday, closing the day at 1.6115. Today the British Pound weakened even further, descending down to 1.6055. On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the trading is within wide range. First resistance is yesterday's peak at 1.6248. Break above it should extend the bullish movement further towards the 1.6362. The nearest support is today's bottom and level at 1.6055. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5939. Today are UK PSNCR, PSNB, and CBI retail sales volume balance, at 8:30 and 10 GMT respectively. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and rising, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6248 1.6362 1.6500
Technical support levels: 1.6055 1.5939 1.5800

Trading range: 1.6150 - 1.6075
Trend: Downward
Sell at 1.6138 SL 1.6168 TP 1.6088

Already made +46 pips profit on GBP/USD today from the following signal:
5:29 GMT+1 Sell GBP/USD at 1.6113 SL 1.6139 TP 1.6053, exit sent at 7:18 GMT+1.
Today so far +97, yesterday +165, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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