GBP/USD Technical Analysis 8 December 2010

By @ibtimes on

GBP/USD 1.5728 - 8 December 2010
GBP/USD Open 1.5756 High 1.5823 Low 1.5667 Close 1.5750

On Tuesday Pound/Dollar continued increasing significantly with over 120 pips in the morning, in line with the negative Interbank sentiment at around -1%, than commenced dropping in the afternoon. The Cable appreciated from 1.5701 to 1.5823 yesterday, closing the day at 1.5750. Today the British Pound extended its descend down to 1.5685. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart the downward channel is making resuming efforts. First resistance is yesterday's peak at 1.5823. Break above it should extend the bullish movement further towards the 1.5950. The nearest support is today's bottom at 1.5667. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5550. Today is the UK CBI industrial order books balance and output balance, both at 11 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5823 1.5950 1.6077
Technical support levels: 1.5667 1.5550 1.5423

Trading range: 1.5740 - 1.5665
Trend: Downward
Sell at 1.5728 SL 1.5758 TP 1.5678

Already made +45 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.5715 SL 1.5741 TP 1.5655, exit sent at 7:27 GMT.
Today so far +123, yesterday +106, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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