GBP/USD 1.5962 – 23 December 2009

GBP/USD Open 1.5970 High 1.6095 Low 1.5926 Close 1.5962
Pound/Dollar continued bearish movement on Tuesday from the 1.6095 top, reaching a bottom at 1.5926, and and closing the day at 1.5962, remaining consistently above the important 1.5926 support level for now. The bearish signals are expected to remain intact for the time being, but we will look for a convincing break bellow 1.5926 to confirm the downward outlooks, with next objectives towards 1.5825. Immediate resistance is represented by yesterday’s top at 1.6095. Break above this level might lead to partial Cable recovery, but any upward movements should be regarded as correctional at this stage. The CCI indicator is neutral and leaning downwards on the 1 hour chart, suggesting slight bearish pressure.
Technical resistance levels: 1.6095 1.6164 1.6235
Technical support levels: 1.5926 1.5825 1.5733

Trading range: 1.5975 – 1.5900
Trend: Downward
Sell at 1.5962 SL 1.5992 TP 1.5912


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