GBP/USD 1.6462 – 4 November 2009

GBP/USD Open 1.6419 High 1.6497 Low 1.6270 Close 1.6433
On Tuesday Pound/Dollar made indecisive movements, dropping first as expected down to the 1.6270 bottom, from where it climbed up to the 1.6445 top, closing the day at 1.6433. On the 3 hour chart the upper limit of the downward channel at 1.6678 is a key resistance, limiting the upward movements for now, while the lower border of the channel at 1.5754 is an important support, holding the Cable in the channel for now. Break up of the channel may threaten the downward scenario and lead to Sterling recovery. The upcoming important fundamental events this week may show the path the British currency will walk in the coming days. The nearest resistance is today’s top at 1.6500. Immediate support is at 1.6270. The CCI indicator had crossed up the 100 line on the 1 hour chart, suggesting bullish perspectives.
Technical resistance levels: 1.6500 1.6630 1.6755
Technical support levels: 1.6270 1.6150 1.6000

Trading range: 1.6430 – 1.6525
Trend: Upward
Buy at 1.6462 SL 1.6432 TP 1.6512

Already made +43 pips profit on GBP/USD today from the following signal:
6:55 GMT+1 Buy GBP/USD at 1.6459 SL 1.6433 TP 1.6519 exited at 8:48 GMT
Today so far +147, yesterday +155, 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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