GBP/USD 1.6647 – 13 November 2009

GBP/USD Open 1.6587 High 1.6687 Low 1.6516 Close 1.6575
Pound/Dollar made a significant downward movement on Thursday, from 1.6620 top to the 1.6515 bottom, closing the day at 1.6575. However, the upward channel remains unbroken. Although deep corrections like yesterday’s could be a threat to the bullish perspectives, unless the bulls are convincingly beaten down under the strong support 1.5753, seen on the 3 hour chart, it is too early for turning downward scenario. The wall of long candles on the daily chart shows that a deep downward correction should not come unexpected, but the longer the Cable is moving within the channel, the basic picture of the bullish scenario should remain intact. Quotes tested the bottom line of the ascending channel this morning, which is a good place for long entries. Immediate support is 1.6515, the break down of which may bring threat to the bulls. The CCI indicator is positive on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.6780 1.6905 1.7040
Technical support levels: 1.6515 1.6390 1.6235

Trading range: 1.6635 – 1.6710
Trend: Upward
Buy at 1.6647 SL 1.6617 TP 1.6697

Already made +60 pips profit on GBP/USD today from the following signal:
7:38 GMT+1 Buy GBP/USD at 1.6628 SL 1.6602 TP 1.6688 TP reached at 8:30 GMT
Today so far +118, yesterday +103, 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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