GBP/USD Technical Analysis 8 February 2011

By @ibtimes on

GBP/USD 1.6131 - 8 February 2011
GBP/USD Open 1.6125 High 1.6186 Low 1.6073 Close 1.6107

On Monday Pound/Dollar increased insignificantly with around 110 pips, in line with the positive Interbank sentiment at nearly +21%. The Cable appreciated from 1.6073 to 1.6186 yesterday, closing the day at 1.6107. Today the British Pound is trading hesitantly and without clear direction for now. On the 1 hour chart the upward channel is trying to resume, while on the 3 hour chart the upward channel looks good. First resistance is yesterday's peak at 1.6186. Break above it should extend the bullish movement further towards the 1.6300. The nearest support is yesterday's bottom at 1.6073. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5950. 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 declining, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6186 1.6300 1.6323
Technical support levels: 1.6073 1.5950 1.5817

Trading range: 1.6120 - 1.6195
Trend: Upward
Buy at 1.6131 SL 1.6101 TP 1.6181

Already made +25 pips profit on GBP/USD today from the following signal:
5:33 GMT Sell GBP/USD at 1.6151 SL 1.6177 TP 1.6091, exit sent at 8:14 GMT.
Today so far +58, yesterday +138, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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