GBP/USD 1.6377 - 27 November 2009

GBP/USD Open 1.6444 High 1.6726 Low 1.6271 Close 1.6516

Pound/Dollar made a significant downward movement yesterday, penetrating down the important 1.6470 support, reaching a bottom at 1.6424, and closing the day at 1.6516. This fact confirms the bears domination for now, and our preferable scenario, as seen in our forecast too, is bearish with objectives towards 1.6135. Break bellow this level may lead to further weakening of the Cable with possible testing of 1.6600. The nearest resistance is 1.6533, followed by yesterday's top at 1.6727. The CCI indicator is in the overbought zone and also downwards on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 1.6533 1.6727 1.6855
Technical support levels: 1.6270 1.6135 1.6000

Trading range: 1.6377 - 1.6315
Trend: Downward
Sell at 1.6377 SL 1.6407 TP 1.6327

Already made +60 pips profit on GBP/USD today from the following signal:
5:36 GMT+1 Sell GBP/USD at 1.6412 SL 1.6438 TP 1.6352 TP reached at 7:11 GMT
Today so far +210, yesterday +93, as shown in details at www.zifx.com/performance.php.

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