GBP/USD Technical Analysis 3 May 2011

By @ibtimes on

GBP/USD 1.6584 - 3 May 2011

GBP/USD Open 1.6656 High 1.6740 Low 1.6564 Close 1.6650

On Monday Pound/Dollar decreased insignificantly with around 100 pips, in line with the positive Interbank sentiment at under +1%. The Cable depreciated from 1.6740 to 1.6634 yesterday, closing the day at 1.6650. Today the British Pound weakened further, dropping down to 1.6564. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the new upward channel has slowed down. First resistance is yesterday's peak at 1.6740. Break above it should extend the bullish movement further towards the 1.6871. The nearest support is today's bottom at 1.6564. Going bellow it should extend British Pound's reduction further down towards next downward objective and important support 1.6440. Today are UK Halifax house price index and CIPS manufacturing index, at 7 and 8:30 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6740 1.6871 1.7000
Technical support levels: 1.6564 1.6440 1.6311

Trading range: 1.6595 - 1.6520
Trend: Downward
Sell at 1.6584 SL 1.6614 TP 1.6534

Already made +31 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6617 SL 1.6591 TP 1.6677, exit sent at 6:52 GMT+1.
Today so far +137, yesterday +93, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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