GBP/USD Technical Analysis 30 December 2010

By @ibtimes on

GBP/USD 1.5511 - 30 December 2010
GBP/USD Open 1.5500 High 1.5537 Low 1.5349 Close 1.5497

On Wednesday Pound/Dollar increased significantly with around 170 pips, in converse with the negative Interbank sentiment at around -1%. The Cable appreciated from 1.5349 to 1.5519 yesterday, closing the day at 1.5497. Today the British Pound climbed a little further up to 1.5537. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart quotes are testing the upper limit of the downward channel. First resistance is today's peak at 1.5537. Break above it should extend the bullish movement further towards the 1.5635. The nearest support is yesterday's bottom at 1.5349. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5237. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5537 1.5650 1.5777
Technical support levels: 1.5349 1.5237 1.5110

Trading range: 1.5525 - 1.5460
Trend: Downward
Sell at 1.5511 SL 1.5541 TP 1.5471

Already made +18 pips profit on GBP/USD today from the following signal:
5:31 GMT Buy GBP/USD at 1.5512 SL 1.5486 TP 1.5572, exit sent at 7:15 GMT.
Today so far +102, yesterday +101, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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