GBP/USD Technical Analysis 30 March 2011

By @ibtimes on

GBP/USD 1.6041 - 30 March 2011

GBP/USD Open 1.6004 High 1.6043 Low 1.5941 Close 1.6008

On Tuesday Pound/Dollar continued decreasing insignificantly with just over 100 pips, in converse with the positive Interbank sentiment at almost +4%. The Cable depreciated from 1.6043 to 1.5941 yesterday, closing the day at 1.6008. Today the British Pound is trading quietly and within yesterday's range for the time being. On the 1 hour chart quotes are on the way to break down of the trading range, while on the 3 hour chart trading is still within wide range. First resistance is yesterday's peak at 1.6043. Break above it should extend the bullish movement further towards the 1.6162. The nearest support is yesterday's bottom at 1.5941. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5800. Today are UK CBI retail sales volume balance and Gfk consumer confidence, at at 10 and 23 GMT respectively. Quotes are moving just above the even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and in the overbought zone, MACD is neutral and calm, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6043 1.6162 1.6300
Technical support levels: 1.5941 1.5800 1.5667

Trading range: 1.6055 - 1.5980
Trend: Downward
Sell at 1.6041 SL 1.6071 TP 1.5991

Already made +23 pips profit on GBP/USD today from the following signal:
7:47 GMT Sell GBP/USD at 1.6029 SL 1.6055 TP 1.5969, exit sent at 7:58 GMT.
Today so far +105, yesterday +62, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion