GBP/USD 1.6492 - 9 September 2009
GBP/USD Open 1.6510 High 1.6581 Low 1.6323 Close 1.6484

Pound/Dollar also made a significant increasing movement on Tuesday with around 250 pips. On the 1 hour chart the Cable convincingly penetrated the 1.6500 resistance, reaching a peak at 1.6581, and closing the day at 1.6484. New ascending channel is now formed and indications are for bullish scenario in the short term, with possible test of 1.6640. However, the CCI indicator is in the overbought zone and downwards on the 1 hour chart, so we may expect possible bearish pressure with test of yesterday's bottom and first support - 1.6325. Break under this level may trigger further weakening of the Sterling towards 1.6200.

Technical resistance levels: 1.6580 1.6640 1.6835

Technical support levels: 1.6325 1.6200 1.6080

Trading range: 1.6505 - 1.6430

Trend: Downward

Sell at 1.6492 SL 1.6522 TP 1.6442

Already made +50 pips profit on GBP/USD today from the following signal:

5:37 GMT+1 Buy GBP/USD at 1.6516 SL 1.6490 TP 1.6576 exited at 7:06 GMT

Today so far +101, yesterday +190, as shown at www.zifx.com/performance.php

/