GBP/USD 1.6295 - 3 September 2009
GBP/USD Open 1.6263 High 1.6336 Low 1.6116 Close 1.6269

Pound/Dollar made a bullish movement on Wednesday, reaching a peak at 1.6297, and closing the day at 1.6269. On the 4 hour chart the Cable tested the 1.6115 support level, which is 23.8% Fibonacci correction of the 1.6954 - 1.6004 drop. Quotes are now testing the upper limit of the downward channel. Our expectations are bullish in the short term with possible test of 1.6375, and neutral in the medium term. The nearest support is yesterday's bottom at 1.6115. Break below this level may trigger further bearish momentum towards the psychological 1.6000 level. The CCI indicator has just crossed up the 100 line on the 1 hour chart, showing accumulated upward pressure.

Technical resistance levels: 1.6375 1.6500 1.6650

Technical support levels: 1.6115 1.6000 1.5880

Trading range: 1.6285 - 1.6355

Already made +12 pips profit on GBP/USD today from the following signal:

5:36 GMT+1 Buy USD/CHF at 1.0600 SL 1.0574 TP 1.0650 exited at 8:26 GMT

Today so far +64, yesterday +193, as shown at www.zifx.com/performance.php

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Trend: Upward

Buy at 1.6295 SL 1.6265 TP 1.6345