GBP/USD 1.6027 – 6 January 2010

GBP/USD Open 1.5991 High 1.6153 Low 1.5945 Close 1.5989
Pound/Dollar attempt to make the rise yesterday, reaching a peak at 1.6153, where the increasing momentum was limited and the Cable started dropping down to 1.5966, closing the day at 1.5989. Of the 3 hour chart quotes are still caught within the 1.5848 – 1.6228 range, indicating that the Sterling is still in a consolidation phase. We will look for a break out of the above range to better picture of next movements. For now our preferable scenario is bullish, with targets towards 1.6153, and potential test of 1.6232. Break bellow the nearest support at 1.5945 may trigger future descending impulse towards 1.5858. The CCI indicator is positive on the 1 hour chart, suggesting ascending pressure.
Technical resistance levels: 1.6153 1.6232 1.6325
Technical support levels: 1.5945 1.5858 1.5878

Trading range: 1.6015 – 1.6090
Trend: Upward
Buy at 1.6027 SL 1.5997 TP 1.6077


Written by