GBP/USD Technical Analysis 28 December 2010

By @ibtimes on

GBP/USD 1.5450 - 28 December 2010
GBP/USD Open 1.5441 High 1.5491 Low 1.5369 Close 1.5419

On Monday Pound/Dollar decreased insignificantly with nearly 90 pips, in line with the negative Interbank sentiment at around -3%. The Cable depreciated from 1.5458 to 1.5369 yesterday, closing the day at 1.5419. Today the British Pound recovered, strengthening up to 1.5491, and currently adjusting downwards. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the downward channel has resumed. First resistance is today's peak at 1.5491. Break above it should extend the bullish movement further towards the 1.5600. The nearest support is yesterday's bottom at 1.5369. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5255. Today is UK Bank holiday. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5491 1.5600 1.5722
Technical support levels: 1.5369 1.5255 1.5140

Trading range: 1.5460 - 1.5400
Trend: Downward
Sell at 1.5450 SL 1.5480 TP 1.5410

Already made +20 pips profit on GBP/USD today from the following signal:
7:49 GMT Sell GBP/USD at 1.5447 SL 1.5473 TP 1.5387, exit sent at 8:02 GMT.
Today so far +87, yesterday +66, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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