GBP/USD 1.6382 - 8 December 2009
Pound/Dollar continued descending on Monday. The currency couple first tried to reach higher, making a top at 1.6516, where further bullish momentum was limited, and the Cable renewed its bearish trend, making a bottom at 1.6315, and closing the day at 1.6445. On the daily chart the unconvincing break of the 1.6900 resistance indicated a potential downward scenario with current targets towards 1.6230. Break bellow this level may trigger further bearish momentum towards 1.6100. The nearest resistance is yesterday's top at 1.6516. Another break above 1.6600 will indicate oversold market and might trigger upward correction again. The CCI indicator is negative on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 1.6516 1.6720 1.6840
Technical support levels: 1.6315 1.6230 1.6100
Sell at 1.6382 SL 1.6412 TP 1.6332
Already made +60 pips profit on GBP/USD today from the following signal:
5:34 GMT Sell GBP/USD at 1.6445 SL 1.6471 TP 1.6385 TP reached at 6:20 GMT
Today so far +154, yesterday +186, as shown in details at www.zifx.com/performance.php.