GBP/USD 1.6683 - 25 November 2009

GBP/USD Open 1.6584 High 1.6727 Low 1.6498 Close 1.6583

On Tuesday the RSI and and MACD gave valid bearish outlook for the Pound/Dollar, which was limited by the 1.6498 support, from where the Cable started recovering, closing the day at 1.6583. Today signals are rising, pushing towards next 1.6855 resistance. However in the medium term signals are expected to be neutral, as on the 1 hour chart Sterling is caught within the 1.6473 - 1.6856 range. Going over 1.6730 may shake the bearish perspective, while convincing penetration of the 1.6855 resistance might lead to stronger bulls with possible test of 1.7000 and can seriously threaten the downward outlook. Immediate support is yesterday's bottom at 1.6500. Break below it could trigger decreasing impulse towards 1.6375. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting potential upward pressure.
Technical resistance levels: 1.6730 1.6855 1.7000
Technical support levels: 1.6500 1.6375 1.6230

Trading range: 1.6670 - 1.6745
Trend: Upward
Buy at 1.6683 SL 1.6653 TP 1.6733

Already made +60 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Buy GBP/USD at 1.6606 SL 1.6580 TP 1.6666 TP reached at 7:33 GMT
Today so far +147, yesterday +173, as shown in details at www.zifx.com/performance.php.

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