GBP/USD Technical Analysis 4 March 2011

By @ibtimes on

GBP/USD 1.6250 - 4 March 2011
GBP/USD Open 1.6274 High 1.6335 Low 1.6242 Close 1.6272

On Thursday Pound/Dollar decreased insignificantly with 80 pips, in converse with the positive Interbank sentiment at almost +18%. The Cable depreciated from 1.6335 to 1.6252 yesterday, closing the day at 1.6272. Today the British Pound weakened further down to 1.6242. On the 1 hour chart small angle wide upward channel has emerged, while on the 3 hour chart the upward channel has renewed. First resistance is yesterday's peak at 1.6335. Break above it should extend the bullish movement further towards the 1.6452. The nearest support is today's bottom at 1.6242. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. Today is the UK Halifax house price index at 8 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and dropping, MACD is thinly negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6335 1.6452 1.6584
Technical support levels: 1.6242 1.6100 1.5977

Trading range: 1.6260 - 1.6190
Trend: Downward
Sell at 1.6250 SL 1.6280 TP 1.6200

Already made +17 pips profit on GBP/USD today from the following signal:
5:28 GMT Buy GBP/USD at 1.6275 SL 1.6249 TP 1.6335, exit sent at 6:50 GMT.
Today so far +70, yesterday +91, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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