GBP/USD 1.6789 – 18 November 2009

GBP/USD Open 1.6813 High 1.6868 Low 1.6757 Close 1.6810
On Tuesday Pound/Dollar traded hesitantly, reaching a top at 1.6868, than dropping down to the 1.6757, closing the day at 1.6810. Our expectations remain bullish in the short term with objectives towards 1.7000, followed by attempts towards 1.7140. However, the CCI indicator is in the overbought zone and downward of the 3 hour chart, so be careful for potential downward pressure with potential test of the 1.6755 support. Break bellow this level might trigger subsequent descending momentum. The CCI indicator is about to cross up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.6870 1.7000 1.7140
Technical support levels: 1.6755 1.6630 1.6480

Trading range: 1.6875 – 1.6850
Trend: Upward
Buy at 1.6789 SL 1.6759 TP 1.6839

Already made +37 pips profit on GBP/USD today from the following signal:
5:35 GMT+1 Buy GBP/USD at 1.6801 SL 1.6775 TP 1.6861 exited at 7:05 GMT
Today so far +121, yesterday +118, 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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