GBP/USD Technical Analysis 24 November 2009

By @ibtimes on

GBP/USD 1.6548 - 24 November 2009
GBP/USD Open 1.6605 High 1.6643 Low 1.6479 Close 1.6604

Pound/Dollar climbed first on Monday, from the 1.6473 bottom to the 1.6644 top, as expected, closing the day at 1.6604. However, further rising was limited at the above peak and current resistance, from where the Cable started correcting downwards. Our preferable scenario for now is bearish till consolidation continues. However, ascending rebound should not come unexpected as the CCI indicator is in the oversold zone, so be careful for possible bullish test of 1.6645. Break above this level may trigger further upward impulse towards next objective 1.6770. Immediate support is yesterday's bottom at 1.6480, break of which might weaken the Sterling further. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting potential downward pressure.
Technical resistance levels: 1.6645 1.6770 1.6900
Technical support levels: 1.6480 1.6365 1.6240

Trading range: 1.6560 - 1.6485
Trend: Downward
Sell at 1.6548 SL 1.6588 TP 1.6498

Already made +59 pips profit on GBP/USD today from the following signal:
5:40 GMT+1 Sell GBP/USD at 1.6577 SL 1.6603 TP 1.6517 exited at 7:35 GMT
Today so far +173, yesterday +192, as shown in details at www.zifx.com/performance.php.

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