GBP/USD 1.6521 – 12 November 2009

GBP/USD Open 1.6578 High 1.6782 Low 1.6603 Close 1.6567
Pound/Dollar also traded indecisively on Wednesday with an upward incline. The Cable reached the 1.6782 top, till the bad inflation data from BOE at 10:30 which sank the Sterling down to the 1.6538 bottom, where the downward pressure was limited, closing the day at 1.6567. Signals are currently neutral, but an increasing channel on the daily chart indicates bullish scenario in the medium term with objectives towards 1.7042. Immediate support is today’s bottom 1.6515. Break below that level may trigger further bearish pressure with possible test of 1.6390. The nearest resistance is 1.6780, convincing penetration of which might strengthen the British currency. The CCI indicator is negative on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 1.6780 1.6905 1.7040
Technical support levels: 1.6515 1.6390 1.6235

Trading range: 1.6510 – 1.6585
Trend: Upward
Buy at 1.6521 SL 1.6491 TP 1.6571

Already made +39 pips profit on GBP/USD today from the following signal:
7:11 GMT+1 Sell GBP/USD at 1.6561 SL 1.6587 TP 1.6501 exited at 8:03 GMT
Today so far +103, yesterday +154, 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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