GBP/USD 1.6657 – 23 October 2009

GBP/USD Open 1.6611 High 1.6693 Low 1.6493 Close 1.6619
On Thursday Pound/Dollar made a significant downward correction down to the 1.6493 bottom, from where the Cable started recovering, closing the day at 1.6619. The British currency seemed to be in a consolidation phase, which seems to be over now, as quotes continued climbing today. If today’s top and nearest resistance 1.6695 is convincingly broken up, downward correction could be over and the upward scenario may continue towards 1.6820, followed by the psychological 1.7000. The nearest support is is yesterday’s bottom at 1.6495. Break below this level may shake the bulls and strengthen the bears. CCI has convincingly has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.6695 1.6830 1.7000
Technical support levels: 1.6350 1.6220 1.6100

Trading range: 1.6645 – 1.6720
Trend: Upward
Buy at 1.6657 SL 1.6627 TP 1.6707

Already made +18 pips profit on GBP/USD today from the following signal:
6:31 GMT+1 Sell GBP/USD at 1.6635 SL 1.6661 TP 1.6575 exited at 7:34 GMT
Today so far +93, yesterday +114, 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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