GBP/USD Technical Analysis 8 April 2011

By @ibtimes on

GBP/USD 1.6404 - 8 April 2011

GBP/USD Open 1.6317 High 1.6423 Low 1.6261 Close 1.6320

On Thursday Pound/Dollar traded hesitantly and with a slight increase of 130 pips, in line with the positive Interbank sentiment at above +25%. The Cable appreciated from 1.6261 to 1.6393 yesterday, closing the day at 1.6320. Today the British Pound recovered further, rising up to 1.6423. On the 1 hour chart trading is at the upper side of the range, while on the 3 hour chart quotes are also testing the upper limit of the wide range. First resistance is today's peak at 1.6423. Break above it should extend the bullish movement further towards the 1.6550. The nearest support is yesterday's bottom at 1.6261. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6122. Today are UK PPI Output and Input, both 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 positive and climbing too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6423 1.6550 1.6687
Technical support levels: 1.6261 1.6122 1.6000

Trading range: 1.6390 - 1.6465
Trend: Upward
Buy at 1.6404 SL 1.6374 TP 1.6454

Already made +42 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6381 SL 1.6355 TP 1.6441, exit sent at 8:27 GMT+1.
Today so far +95, yesterday +94, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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