GBP/USD Technical Analysis 7 February 2011

By @ibtimes on

GBP/USD 1.6165 - 7 February 2011
GBP/USD Open 1.6096 High 1.6182 Low 1.6034 Close 1.6105

On Friday Pound/Dollar also decreased significantly with around 140 pips, in converse with the positive Interbank sentiment at nearly +20%. The Cable depreciated from 1.6173 to 1.6034 on Friday, closing the week at 1.6105. Today the British Pound is making recovery efforts, reaching further up to 1.6182. On the 1 hour chart new upward channel has formed, and on the 3 hour chart the upward channel looks good. First resistance is today's peak at 1.6182. Break above it should extend the bullish movement further towards the 1.6300. The nearest support is Friday's bottom at 1.6034. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5900. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6182 1.6300 1.6323
Technical support levels: 1.6034 1.5900 1.5778

Trading range: 1.6155 - 1.6225
Trend: Upward
Buy at 1.6165 SL 1.6135 TP 1.6215

Already made +36 pips profit on GBP/USD today from the following signal:
5:43 GMT Buy GBP/USD at 1.6134 SL 1.6108 TP 1.6194, exit sent at 7:39 GMT.
Today so far +138, on Friday +73, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion