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GBP/USD Technical Analysis 6 January 2009
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GBP/USD 1.4680 - 6 January
GBP/USD Open 1.4705 High 1.4791 Low 1.4383 Close 1.4690 Pound/Dollar failed to keep the descendants scenario yesterday. The currency couple made a rising movement, reaching a top at 1.4736 and closed at 1.4697. On the one hour chart can see how after the downward movement from 17 December, the bearish force temporarily stopped and now it seems the couple moves into a rectangle, indicating that the Cable is in consolidation phase. So far the signals are neutral, but in the long term the bearish scenario is maintained. Successive movement above 1.4755 may lead to rising momentum and can be seen as a violation of decreasing scenario. The CCI indicator is in the overbought zone and downwards to the one hour chart, which suggests potential descending pressure. Technical resistance levels: 1.4580 1. 4700 1.4840 Technical support levels: 1.4425 1.4300 1.4150 Trading range: 1.4690 - 1.4620 Trend: Downward Sell at 1.4680 SL 1.4710 TP 1.4630 Today we made already +60 pips profit on GBP/USD from the following signal: 6:20 GMT Sell GBP/USD at 1.4642 SL 1.4668 TP 1.4582 TP reached at 7:03 GMT Today so far +172, yesterday +114, as shown in details at our web site.  Next Analysis:
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