GBP/USD 1.6302 – 11 December 2009

GBP/USD Open 1.6274 High 1.6342 Low 1.6216 Close 1.6276
Pound/Dollar traded hesitantly and with volatility on Thursday. Quotes attempted to decrease, reaching a bottom at 1.6216, from where the Cable bounced up to the 1.6342 top, closing the day at 1.6276. The signals are currently neutral, but if the Sterling remains below 1.6450 in the long term, our preferable scenario would be downward with possible testing of the 1.6110 support. In upward direction only convincing break above 1.6450 could be seen as a possible defeat for the bears and may produce stronger bullish power back up towards 1.6655. The CCI indicator is in the oversold area and upwards on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 1.6342 1.6476 1.6666
Technical support levels: 1.6216 1.6110 1.6025

Trading range: 1.6290 – 1.6365
Trend: Upward
Buy at 1.6302 SL 1.62272 TP 1.6352


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