GBP/USD Technical Analysis 4 January 2010

Happy New 2010! Pound/Dollar made a significant bullish movement last day of 2009. Quotes rose up, reaching a top at 1.6232, that surprisingly went down to 1.6139, closing the year at 1.6151. On the 1 hour chart the Cable is now testing the upper limit of bearish channel, which is a serious threat to the bearish perspectives. However, while the bearish channel remains untapped, the upper limit of the bearish channel is a good place to place short positions. Break up of the bearish channel will be seen as a threat for the bears and may trigger stronger bullish momentum towards 1.6250. The nearest support is Thursday's bottom at 1.6051. Break bellow this area will lead to a future bearish momentum towards 1.5961. The CCI indicator is positive on the 1 hour chart, suggesting ascending pressure.Technical resistance levels: 1.6232 1.6325 1.6450Technical support levels: 1.6051 1.5961 1.5878

Trading range: 1.6100 - 1.6175Trend: UpwardBuy at 1.6112 SL 1.5982 TP 1.6162

Already made +60 pips profit on GBP/USD today from the following signal:7:34 GMT Buy GBP/USD at 1.6057 SL 1.6031 TP 1.6117 TP reached at 8:02 GMTToday so far +197, last Thursday +207, as shown in details at www.zifx.com/performance.php.