GBP/USD Technical Analysis 3 March 2011

By @ibtimes on

GBP/USD 1.6313 - 3 March 2011
GBP/USD Open 1.6327 High 1.6344 Low 1.6214 Close 1.6322

On Wednesday Pound/Dollar increased significantly with 130 pips, in line with the positive Interbank sentiment at almost +52%. The Cable appreciated from 1.6214 to 1.6344 yesterday, closing the day at 1.6322. Today the British Pound is trading quietly and within yesterday's range for now. On the 1 hour chart small angle wide upward channel has emerged, while on the 3 hour chart the upward channel has resumed. First resistance is yesterday's peak at 1.6344. Break above it should extend the bullish movement further towards the 1.6452. The nearest support is today's bottom at 1.6214. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. Today is the UK CIPS services index at 9:30 GMT. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6330 1.6452 1.6584
Technical support levels: 1.6214 1.6100 1.5977

Trading range: 1.6300 - 1.6375
Trend: Upward
Buy at 1.6313 SL 1.6283 TP 1.6363

Already made +20 pips profit on GBP/USD today from the following signal:
5:31 GMT Buy GBP/USD at 1.6315 SL 1.6289 TP 1.6375, exit sent at 8:44 GMT.
Today so far +52, yesterday +136, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion