GBP/USD 1.5895 - 29 September 2009

GBP/USD Open 1.5877 High 1.5969 Low 1.5774 Close 1.5879

On Monday Pound/Dollar continued its downward movement, falling below the psychological 1.5900 level down to the 1.5774 bottom, from where it rose to 1.5920, closing the day at 1.5879. Today the Cable continued weakening, as expected in our forecast, and our preferable scenario remains downwards, with targets towards the nearest support 1.5775, followed by 1.5650. The nearest resistance is yesterday's top at 1.5970. Break above this level may lead to further recovery of the British currency. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting downward prospects for the British currency.

Technical resistance levels: 1.5970 1.6100 1.6235

Technical support levels: 1.5775 1.5650 1.5520

Trading range: 1.5905 - 1.5835

Trend: Downward

Sell at 1.5895 SL 1.5925 TP 1.5845

Already made +60 pips profit on GBP/USD today from the following signal:

5:36 GMT+1 Sell GBP/USD at 1.5941 SL 1.5967 TP 1.5881 TP reached at 8:13 GMT

Today so far +177, yesterday +176, as shown at www.zifx.com/performance.php

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