February 29th, 2012
GBP/USD Open 1.5829 High 1.5907 Low 1.5809 Close 1.5817
On Monday Pound/Dollar corrected strongly downwards with 100 pips. The Cable depreciated from 1.5907 to 1.5809 yesterday, in converse with the positive Interbank sentiment at nearly +51%, closing the day at 1.5817. Today the British Pound is pushing up again, moving still within yesterday?s range for the time being. On the 1 hour chart quotes are still holding within the trading range, while on the 3 hour chart new wider range trading has formed. First resistance is yesterday?s peak at 1.5907. Break above it should extend the bullish movement further towards 1.6030. The nearest support level is yesterday?s bottom at 1.5809. Going bellow it should extend British Pound?s reduction further down towards next downward objective 1.5680. Today is UK CBI retail sales volume balance at 11 GMT. Quotes are moving just above the crossing and even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.5907 1.6030 1.6164
Technical support levels: 1.5809 1.5680 1.5548
Already made +38 pips profit on GBP/USD today from the following sent to clients only signal:
5:21 GMT Buy GBP/USD at 1.5838 SL 1.5812 TP 1.5898, exit sent at 8:36 GMT+1.
Today so far +146, yesterday +58, as shown in details at http://www.zifx.com/performance-past.php.
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