GBP/USD 1.5974 – 8 January 2010

GBP/USD Open 1.5934 High 1.6065 Low 1.5898 Close 1.5930
Pound/Dollar made a decreasing movement on Thursday, from the 1.6065 top to the 1.5897 bottom, closing the day at 1.5930. Of the 3 hour chart the Cable is has formed a triangle, indicating consolidation phase. Signals are expected to be neutral in the short term, but the fact that quotes are still able to remain below 1.6070 means that more bearish movements in the intraday trading can be expected, with objectives towards 1.5807. Break above the 1.6065 resistance should be regarded as a serious threat to bears’ domination and may trigger upward momentum with possible test of 1.6153, followed by 1.6239. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting ascending pressure.
Technical resistance levels: 1.6065 1.6153 1.6239
Technical support levels: 1.5898 1.5807 1.5718

Trading range: 1.5960 – 1.6035
Trend: Upward
Buy at 1.5974 SL 1.5944 TP 1.6024


Written by