GBP/USD Technical Analysis 5 March 2010

  @ibtimes on March 05 2010 3:59 AM

GBP/USD 1.5048 - 5 March 2010
GBP/USD Open 1.5030 High 1.5132 Low 1.4863 Close 1.5032

Pound/Dollar traded hesitantly on Thursday within the 1.5012 - 1.5124 range, closing the day at 1.5032. Today at 9:30 are the PPI and Halifax housing. As quotes are still moving within the bearish channel on the 3 hour chart, our expectations are for the downward trend is to continue, especially if we see break bellow Monday's bottom at 1.4777. The nearest resistance and upper limit of the descending channel is yesterday's top at 1.5132. Stronger correctional movement above it should not be unexpected, but should be considered as bears' failure, and beginning of new uptrend phase with next objectives towards 1.5275. Quotes are currently moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating insignificant bearish pressure. The value of RSI indicator is positive and rising, MACD is neutral and calm, while CCI is neutral and climbing insignificantly on the 1 hour chart, giving overall mixed signals.Technical resistance levels: 1.5132 1.5275 1.5400Technical support levels: 1.4981 1.4891 1.4777

Trading range: 1.5060 - 1.4995Trend: DownwardSell at 1.5048 SL 1.5078 TP 1.5008

Already made +31 pips profit on GBP/USD today from the following signal:5:31 GMT Sell GBP/USD at 1.5039 SL 1.5065 TP 1.4979 exit sent 7:29 GMTToday so far +81, yesterday +161, as shown in details at www.zifx.com/performance.php.

Join the Discussion