GBP/USD Technical Analysis 25 March 2011

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March 25, 2011 7:44 PM EST

iFOREX

GBP/USD 1.6095 - 25 March 2011

GBP/USD Open 1.6121 High 1.6268 Low 1.6080 Close 1.6118

On Thursday Pound/Dollar continued decreasing significantly with around 180 pips, in converse with the positive Interbank sentiment at almost +12%. The Cable depreciated from 1.6268 to 1.6089 yesterday, closing the day at 1.6118. Today the British Pound weakened further, dropping down to 1.6080. On the 1 hour chart range trading is forming, while on the 3 hour chart the new small angle wide upwards channel still looks good. First resistance is yesterday's peak at 1.6268. Break above it should extend the bullish movement further towards the 1.6386. The nearest support is today's bottom at 1.6080. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5968. There are no major economic events for UK today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6268 1.6386 1.6513
Technical support levels: 1.6080 1.5968 1.5850

Trading range: 1.6105 - 1.6035
Trend: Downward
Sell at 1.6095 SL 1.6125 TP 1.6045

Already made +42 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.6126 SL 1.6152 TP 1.6066, exit sent at 8:32 GMT.
Today so far +113, yesterday +132, as shown in details at http://www.zifx.com/performance.php.

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