GBP/USD 1.6521 – 5 November 2009

GBP/USD Open 1.6550 High 1.6595 Low 1.6400 Close 1.6555
Pound/Dollar also climbed on Wednesday, from the 1.6400 bottom, to the 1.6595 top, closing the day at 1.6555. Today the Cable is in a consolidation phase so far, with vague direction. On the 3 hour chart there is a formed triangle, confirming the consolidation. We will look for a break out of the triangle to confirm clearer movement direction. Break up should result in increasing scenario with objectives towards 1.6730, followed by 1.6855, while break down may take the Sterling down toward 1.6270. The nearest support is yesterday’s bottom at 1.6400. Immediate resistance is 1.6595. Break above it should strengthen the upward momentum. The CCI indicator had crossed down the 100 line on the 1 hour chart, suggesting bearish perspectives.
Technical resistance levels: 1.6595 1.6730 1.6855
Technical support levels: 1.6400 1.6270 1.6150

Trading range: 1.6535 – 1.6460
Trend: Downward
Sell at 1.6521 SL 1.6551 TP 1.6471

Already made +27 pips profit on GBP/USD today from the following signal:
6:46 GMT+1 Sell GBP/USD at 1.6492 SL 1.6518 TP 1.6432 exited at 7:01 GMT
Today so far +75, yesterday +156, 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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