GBP/USD Technical Analysis 7 December 2010

By @ibtimes on

GBP/USD 1.5767 - 7 December 2010
GBP/USD Open 1.5708 High 1.5775 Low 1.5654 Close 1.5713

On Monday Pound/Dollar also decreased significantly with over 120 pips, in line with the negative Interbank sentiment at around -21%. The Cable depreciated from 1.5775 to 1.5654 yesterday, closing the day at 1.5713. Today the British Pound renewed climbing, but is still moving within yesterday's range. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart quotes are testing the upper limit of the downward channel. First resistance is yesterday's peak at 1.5775. Break above it should extend the bullish movement further towards the 1.5900. The nearest support is yesterday's bottom at 1.5654. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5531. Today is the Halifax House Price Index, Industrial production, and Manufacturing output at 8 and 9:30 GMT respectively. 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 declining, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5775 1.5900 1.6019
Technical support levels: 1.5654 1.5531 1.5400

Trading range: 1.5755 - 1.5830
Trend: Upward
Buy at 1.5767 SL 1.5737 TP 1.5817

Already made +15 pips profit on GBP/USD today from the following signal:
7:47 GMT Buy GBP/USD at 1.5771 SL 1.5745 TP 1.5831, exit sent at 8:21 GMT.
Today so far +101, yesterday +134, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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