GBP/USD 1.6027 – 29 December 2009

GBP/USD Open 1.6002 High 1.6068 Low 1.5932 Close 1.5999
After a week of declining movements Pound/Dollar yesterday showed an increasing momentum and started climbing from the 1.5932 bottom, closing the day at 1.5999. On the 4 hour chart after the breaking out the top triangle formation, the Cable reached today a top at 1.6068. Signals are expected to remain rising for the time being, and if the nearest resistance at 1.6068 is penetrated, quotes may head further up with objectives towards 1.6164. Short term support is yesterday’s bottom at 1.5932. Break below this level may cause further bearish movement towards 1.5825 and 1.5733. The CCI indicator has crossed up the 100 line the 1 hour chart, indicating significant ascending pressure.
Technical resistance levels: 1.6068 1.6164 1.6235
Technical support levels: 1.5932 1.5825 1.5733

Trading range: 1.6015 – 1.6090
Trend: Upward
Buy at 1.6027 SL 1.5997 TP 1.6077


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