GBP/USD 1.6092 – 11 January 2010

GBP/USD Open 1.5934 High 1.6148 Low 1.5898 Close 1.6018
Pound/Dollar made a bullish movement on Friday, reaching a top at 1.6093, closing the week at 1.6018. Today the bullish trend continued. However, on the 3 hour chart we have a formed downward trend channel. But we will be looking for convincing break bellow the bottom from 30 December 1.5858 for indication of further bearish momentum, with technical objectives towards 1.5737. Important resistance level is the top from last Monday at 1.6228. Only consistent move above it should be considered as a threat to the bearish perspective. Today our preferable scenario would be to follow the Cable upwards. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting ascending pressure.
Technical resistance levels: 1.6150 1.6228 1.6335
Technical support levels: 1.5898 1.5807 1.5718

Trading range: 1.6080 – 1.6155
Trend: Upward
Buy at 1.6092 SL 1.6062 TP 1.6142


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