GBP/USD 1.6737 – 11 November 2009

GBP/USD Open 1.6743 High 1.6789 Low 1.6603 Close 1.6741
Pound/Dollar continued their bullish trend on Tuesday, as expected, starting from the morning’s deep bottom 1.6603 up to the 1.6755 top, closing the day at 1.6741. On the 3 hour chart we could see how the upward triangle from the last few days, used with a classic technical means, can be used effectively to gain on the Cable. On the same chart Monday’s correction was also not unexpected, as the climb from 1.5750 to 1.6649 is 22.8% Fibonacci level of quotes fall, which gives indication for possible further bullish impulse. Break above Monday’s top 1.6837 would confirm the ascending perspective with next target 1.7050. Going bellow 1.6600, however, may threaten the bulls’ domination. The CCI indicator had crossed down the 100 line on the 1 hour chart, suggesting bearish perspectives. The CCI indicator is positive on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.6790 1.6915 1.7050
Technical support levels: 1.6600 1.6470 1.6335

Trading range: 1.6725 – 1.6800
Trend: Upward
Buy at 1.6737 SL 1.6707 TP 1.6787

Already made +40 pips profit on GBP/USD today from the following signal:
5:35 GMT+1 Buy GBP/USD at 1.6726 SL 1.6700 TP 1.6786 exited at 7:48 GMT
Today so far +154, yesterday +95, 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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