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GBP/USD Technical Analysis 5 January 2009
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GBP/USD 1.4539 - 5 January
GBP/USD Open 1.4515 High 1.4791 Low 1.4383 Close 1.4537 In December the British currency continued to decline and reached a new bottom since 2002. Last week the British currency continued its dropping, and the downward trend still remains in force. On the weekly chart descending pressure on the Cable will be maintained and will remain strong while the British currency remains under 1.55. On the daily chart the Sterling formed a divergence and prevailed the upper limit of short term descending channel, but the development of growth could not be achieved, after which the couple continued decreasing. The bearish scenario is still valid with targets towards the region of 1.4300. Strengthening below 1.4360 will signal for further reduction. Strengthening above 1.4730 may provoke growth of the Pound. Technical resistance levels: 1.4580 1. 4700 1.4840 Technical support levels: 1.4425 1.4300 1.4150 Trading range: 1.4550 - 1.4485 Trend: Downward Sell at 1.4539 SL 1.4569 TP 1.4499 Today we made already +14 pips profit on GBP/USD from the following signal: 6:18 GMT Sell GBP/USD at 1.4507 SL 1.4533 TP 1.4447 exited at 6:22 GMT Today so far +114, on 30th +147, as shown in details at our web site.  Next Analysis:
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