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Technical Analysis Daily: GBP/USD |
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Technical Archives |
Written by ZIFX.com |
Sep 30 09 03:10 GMT
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Technical Analysis Daily: GBP/USD
GBP/USD 1.6056
GBP/USD Open 1.5962 High 1.6086 Low 1.5829 Close 1.5959
Pound/Dollar made a downward movement on Tuesday, reaching the 1.5829 bottom, as expected, where a the bearish impulse was limited and the Cable started rising up up to 1.5990, closing the day at 1.5959. After the strong downward momentum on 24-25 September down to 1.5925, the British Pound was oversold and the current upward correction is very normal. While the Sterling is trading under 1.6000, our preferable scenario would be bearish. The current break up of that level may however prolong the upward correction, or terminate it, and cause potential test of the of the 1.6200 resistance. Immediate support is yesterday's bottom at 1.5830, followed by 1.5700. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting upward prospects for the British currency.
Technical resistance levels: 1.6085 1.6200 1.6335
Technical support levels: 1.5830 1.5700 1.5570
Trading range: 1.6045 - 1.6120
Trend: Upward
Buy at 1.6056 SL 1.6026 TP 1.6106
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