GBP/USD 1.6558 – 26 November 2009

GBP/USD Open 1.6699 High 1.6744 Low 1.6537 Close 1.6705
Pound/Dollar rose on Wednesday from 1.6578 to the 1.6744 top, where further upward movement was limited, closing the day at 1.6705. Today the Cable made deep bearish correction, eating almost all gains from the beginning of the week. On the bigger picture on the 3 hour chart Sterling is still within the upwards channel. If the nearest resistance and yesterday’s top at 1.6745 is convincingly penetrated up, further rising perspectives can be expected with objectives towards 1.6865. In the longer term, however, as seen on the 1 day chart, downward channel keeps its shape still intact. First support is Tuesday’s bottom at 1.6500. Break below that level might trigger further bearish impulse towards 1.6375. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting strong downward pressure.
Technical resistance levels: 1.6745 1.6865 1.7000
Technical support levels: 1.6500 1.6375 1.6230

Trading range: 1.6570 – 1.6495
Trend: Downward
Sell at 1.6558 SL 1.6588 TP 1.6508

Already made +32 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Buy GBP/USD at 1.6670 SL 1.6644 TP 1.6730 exited at 6:37 GMT
Today so far +85, yesterday +148, 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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