GBP/USD Technical Analysis 7 July 2010

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GBP/USD 1.5112 - 7 July 2010

GBP/USD Open 1.5139 High 1.5226 Low 1.5081 Close 1.5148

On Tuesday Pound/Dollar was trading upwards, not matching the negative Interbank sentiment at nearly -1%. The Cable appreciated from 1.5081 to 1.5226 yesterday, closing the day at 1.5148. Today, after partial weakening, the pair is making further recovery efforts. On the 1 and 3 hour charts the upward channel is on hold, currently testing the its lower limit. First resistance is yesterday's top at 1.5226. Break above it should extend the bullish movement further towards 1.5331. The nearest support is yesterday's bottom at 1.5081. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.4998. Today is the UK Halifax house price index at 8 GMT. Quotes are moving just bellow the the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and tranquil, MACD is neutral and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.Technical resistance levels: 1.5226 1.5331 1.5450Technical support levels: 1.5081 1.4998 1.4900

Trading range: 1.5125 - 1.5050Trend: DownwardSell at 1.5112 SL 1.5142 TP 1.5062

Already made +24 pips profit on GBP/USD today from the following signal:5:32 GMT+1 Buy GBP/USD at 1.5120 SL 1.5094 TP 1.5180 exit at 6:15 GMT+1.Today so far +122, yesterday +132, as shown in details at http://www.zifx.com/performance.php.

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