Daily Forex Reports  |  Written by iFOREX.bg |  Tuesday, 10 November 2009 09:05 GMT
GBP/USD Open 1.6775 High 1.6843 Low 1.6475 Close 1.6757
On Monday Pound/Dollar also climbed from 1.6617 to the 1.6843 top, closing the day at 1.6757. Today, however, the Cable deeply corrected, swallowing all yesterday's rise. If Sterling can manage to recover and cross convincingly yesterday's top and first resistance 1.6843, upward scenario will be confirmed and rising may continue with next objectives towards 1.6965. Immediate support is today's bottom at 1.6600. Break bellow it should confirm battle taking over by the bears and possible stronger downward momentum with serious threat to the bullish outlook. The CCI indicator had crossed down the 100 line on the 1 hour chart, suggesting bearish perspectives.
Technical resistance levels: 1.6845 1.6965 1.7100
Technical support levels: 1.6600 1.6470 1.6335

Trading range: 1.6680 - 1.6605
Trend: Downward
Sell at 1.6667 SL 1.6697 TP 1.6617

Already made +25 pips profit on GBP/USD today from the following signal:
5:36 GMT+1 Sell GBP/USD at 1.6633 SL 1.6659 TP 1.6573 exited at 5:37 GMT
Today so far +95, yesterday +181, as shown in details here.

gbpusd

Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.

Written by iFOREX.bg