GBP/USD 1.6267 – 14 January 2010

GBP/USD Open 1.6281 High 1.6307 Low 1.6141 Close 1.6277
Pound/Dollar continued climbing on Wednesday, as expected, from the 1.6140 bottom to the 1.6300 top, closing the day at 1.6277. On the 15 minute chart we have a very good upward formed small channel, while on the bigger picture on the 3 hour chart quotes are currently testing the upper limit of the downward channel at 1.6307. If the last level, which is an important resistance is penetrated convincingly upwards, we may see further rising of the Cable with next objectives towards 1.6395, and 1.6500. Immediate support is yesterday’s bottom at 1.6141. Break below it could weaken the Sterling further, but only significant break bellow 1.6041 may be seen as a setback for the bulls, and might trigger further decreasing impulse towards 1.6065. The CCI, MACD and RSI indicators are negative on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 1.6307 1.6395 1.6500
Technical support levels: 1.6141 1.6065 1.5977

Trading range: 1.6255 – 1.6330
Trend: Upward
Buy at 1.6267 SL 1.6237 TP 1.6317


Written by