Technical Analysis – 14 September 2009

GBP/USD 1.6593 – 14 September 2009
GBP/USD Open 1.6667 High 1.6735 Low 1.6551 Close 1.6654
Pound/Dollar tried rising on Friday, reaching a peak at 1.6735, where the upward movement was limited and the Cable fell sharply down to 1.6650, closing the week at 1.6654. The Sterling still moves within an upward channel. However, a downward triangle is formed on the 1 hour chart, which can lead to bearish correctional movement with possible test of the 1.6550 support, followed by 1.6430. Breaking down of the bullish channel may reverse the main bullish trend into bearish. Immediate resistance is Friday’s top at 1.6735. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting potential decreasing rebound.
Technical resistance levels: 1.6735 1.6860 1.7000
Technical support levels: 1.6550 1.6430 1.6300

Trading range: 1.6605 – 1.6530
Trend: Downward
Sell at 1.6593 SL 1.6623 TP 1.6543

Already made +60 pips profit on GBP/USD today from the following signal:
5:40 GMT+1 Sell GBP/USD at 1.6620 SL 1.6646 TP 1.6560 TP reached at 7:37 GMT
Today so far +148, on Friday +138, as shown in details here.


Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view. The analysis are updated around 6:15, 9:15 and 11:15 GMT+1, for the EUR/USD, GBP/USD and USD/JPY respectively.

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