GBP/USD Technical Analysis 5 April 2011

By @ibtimes on

GBP/USD 1.6138 - 5 April 2011

GBP/USD Open 1.6132 High 1.6178 Low 1.6090 Close 1.6127

On Monday Pound/Dollar continued the upward trend with a weak push up, climbing with around 80 pips, in line with the positive Interbank sentiment at above +3%. The Cable appreciated from 1.6099 to 1.6127 yesterday, closing the day at 1.6104. Today the British Pound weakened down to 1.6090, andter which commenced recovering. On the 1 hour chart quotes returned to the trading range, while on the 3 hour chart trading is still within the wide range. First resistance is yesterday's peak at 1.6178. Break above it should extend the bullish movement further towards the 1.6300. The nearest support is today's bottom at 1.6090. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5971. Today is UK CIPS services index at 8:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is thinly positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6178 1.6300 1.6426
Technical support levels: 1.6090 1.5971 1.5850

Trading range: 1.6125 - 1.6200
Trend: Upward
Buy at 1.6138 SL 1.6108 TP 1.6188

Already made +49 pips profit on GBP/USD today from the following signal:
5:31 GMT+1 Buy GBP/USD at 1.6112 SL 1.6086 TP 1.6172, exit sent at 8:21 GMT+1.
Today so far +105, yesterday +86, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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