GBP/USD 1.6553 - 30 October 2009

GBP/USD Open 1.6560 High 1.6596 Low 1.6338 Close 1.6556

On Thursday Pound/Dollar traded with volatility. The Cable made a strong upward correctional climb from the 1.6339 bottom up to the 1.6596 top, closing the day at 1.6556. On the 3 hour chart the Sterling seems to try to remain within the bearish channel, as the bullish pressure is not strong enough and may run out of steam, leading to downward movement continuation. Our preferable scenario is bearish for now, with objectives towards the nearest support and yesterday's bottom 1.6340. First resistance is yesterday's top at 1.6596. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting downward perspectives.
Technical resistance levels: 1.6595 1.6720 1.6830
Technical support levels: 1.6340 1.6200 1.6065

Trading range: 1.6580 - 1.6505

Trend: Downward

Sell at 1.6568 SL 1.6598 TP 1.6518

Already made +40 pips profit on GBP/USD today from the following signal:
5:36 GMT+1 Sell GBP/USD at 1.6556 SL 1.6582 TP 1.6496 exited at 8:21 GMT
Today so far +138, yesterday +94, as shown in details at www.zifx.com/performance.php.

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