GBP/USD 1.6220 - 31 August 2009
GBP/USD Open 1.6233 High 1.6372 Low 1.6184 Close 1.6264

Pound/Dollar continued descending on Friday to the 1.6263 bottom, closing the week at 1.6264. The resistance level at 1.6375 suggests a stable reversal point of the last Cable rally and downward movement is under renewed pressure today. On the 1 hour chart trading hesitation is determined by the triangular formation. Our short term expectations are for bearish movement with possible test of 1.6070. Break bellow that support may weaken the Sterling further. Rising above the first resistance 1.6375 may give the currency couple partial recovery. The CCI indicator is bellow the 100 line on the 1 hour chart, suggesting further bearish pressure.

Technical resistance levels: 1.6375 1.6500 1.6650

Technical support levels: 1.6185 1.6070 1.5940

Trading range: 1.6230 - 1.6160

Trend: Downward

Sell at 1.6220 SL 1.6250 TP 1.6170

Already made +53 pips profit on GBP/USD today from the following signal:

5:38 GMT+1 Sell GBP/USD at 1.6238 SL 1.6264 TP 1.6178 exited at 7:36 GMT

Today so far +109, on Friday +138, as shown at www.zifx.com/performance.php

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