GBP/USD 1.6275 - 24 September 2009

GBP/USD Open 1.6331 High 1.6452 Low 1.6263 Close 1.6343

Pound/Dollar traded with volatility on Wednesday. The Cable tried to climb, reaching a peak at 1.6452, where further bullish movement was limited and the currency pair dropped down to 1.6319, closing the day at 1.6343. This hesitant market has affected the expanding formation, seen on the 1 hour chart, where the quotes were reaching new highs and lows, with no clear movement direction. When the Sterling breaks this formation we should have clearer direction. Break upwards may trigger bullish impulse towards 1.6555. Descending break under 1.6260 may trigger weakening, with potential test of 1.6235. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting downward pressure, and potential weakening of the British currency.
Technical resistance levels: 1.6450 1.6570 1.6700
Technical support levels: 1.6260 1.6235 1.6100
Trading range: 1.6285 - 1.6215
Trend: Downward
Sell at 1.6275 SL 1.6305 TP 1.6225

Already made 26 pips profit on GBP/USD today from the following signal:
6:44 GMT 1 Buy GBP/USD at 1.6366 SL 1.6340 TP 1.6426 exited at 6:52 GMT
Today so far 115, yesterday 93, as shown at www.zifx.com/performance.php. /