GBP/USD 1.5947 – 14 October 2009

GBP/USD Open 1.5929 High 1.5992 Low 1.5717 Close 1.5922
Pound/Dollar traded quieter on Tuesday. After reaching a peak at 1.5822, the Cable made a decreasing attempt, reaching a bottom at 1.5717, than rose sharply to 1.5940, closing the day at 1.5922. On the 1 hour chart the break of the important support 1.5717 was not convincing. Consistent trading under 1.5715 or unsuccessful break above the 1.5990 resistance would open short trade opportunities. Break above today’s top and current resistance at 1.5990 may lead to further strengthening of the British currency. The CCI indicator is neutral on the 1 hour chart, suggesting calm trading.
Technical resistance levels: 1.5990 1.6120 1.6255
Technical support levels: 1.5715 1.5600 1.5565

Trading range: 1.5935 – 1.6010
Trend: Upward
Buy at 1.5947 SL 1.5917 TP 1.5997

Already made +18 pips profit on GBP/USD today from the following signal:
5:35 GMT+1 Buy GBP/USD at 1.5779 SL 1.5753 TP 1.5839 exited at 6:55 GMT
Today so far +75, yesterday +88, 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.

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