GBP/USD 1.6326 – 3 November 2009

GBP/USD Open 1.6393 High 1.6479 Low 1.6293 Close 1.6401
On Monday Pound/Dollar was surfing on the top of the downstream wave, and is trying to hold it there. The Cable climbed to the 1.6479 top, from where it started heading downwards, closing the day at 1.6401. On the daily chart the peaks are becoming lower, indicating weakening of the bullish pressure. However, quotes are still keeping around the upper line of the downward channel, so the bearish scenario can not be confirmed yet. Immediate support is today’s bottom at 1.6290. Break under that level may trigger further descending impulse towards 1.6150. The nearest resistance is yesterday’s top at 1.6480, the penetration of which might lead to further increasing momentum with potential testing of 1.6600. The CCI indicator had crossed down the 100 line on the 1 hour chart, suggesting downward perspectives.
Technical resistance levels: 1.6480 1.6600 1.6750
Technical support levels: 1.6290 1.6150 1.6000

Trading range: 1.6340 – 1.6265
Trend: Downward
Sell at 1.6326 SL 1.6356 TP 1.6276

Already made +60 pips profit on GBP/USD today from the following signal:
7:02 GMT+1 Sell GBP/USD at 1.6355 SL 1.6381 TP 1.6295 TP reached at 7:56 GMT
Today so far +155, yesterday +165, 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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