GBP/USD Technical Analysis 9 February 2011

By @ibtimes on

GBP/USD 1.6090 - 9 February 2011
GBP/USD Open 1.6058 High 1.6163 Low 1.6026 Close 1.6066

On Tuesday Pound/Dollar decreased significantly with almost 140 pips, in converse with the positive Interbank sentiment at nearly +20%. The Cable depreciated from 1.6163 to 1.6026 yesterday, closing the day at 1.6066. Today the British Pound is trading hesitantly and within yesterday's range for the time being. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday's peak at 1.6163. Break above it should extend the bullish movement further towards the 1.6282. The nearest support is yesterday's bottom at 1.6026. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5900. Today are UK Trade in goods and Non-EU trade, both at 9:30 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6163 1.6282 1.6400
Technical support levels: 1.6026 1.5900 1.5786

Trading range: 1.6100 - 1.6030
Trend: Downward
Sell at 1.6090 SL 1.6120 TP 1.6040

Already made +19 pips profit on GBP/USD today from the following signal:
8:34 GMT Sell GBP/USD at 1.6101 SL 1.6127 TP 1.6041, exit sent at 8:56 GMT.
Today so far +82, yesterday +129, as shown in details http://www.zifx.com/performance.php.

ZIFX.com

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