GBP/USD Technical Analysis 20 October 2009
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  1. #1

    Default GBP/USD Technical Analysis 20 October 2009

    forexnews84.blogspot.com/2009/10/gbpusd-technical-analysis-20-october.html


    GBP/USD Open 1.6397 High 1.6446 Low 1.6251 Close 1.6417


    On Monday Pound/Dollar descended down to the 1.6251 bottom, from where the cable started climbing up to 1.6436, closing the day at 1.6417. This morning ascending continued to the key 1.6445 resistance, which limited the climbing for now, and we see currently deep correctional bounce. If the above resistance is convincingly broken up, the ascending impulse may continue with next targets towards 1.6570. CCI is in the overbought zone and downwards of the 1 hour chart, so be careful for possible further downward adjustment towards 1.6250. Break below this level might deepen the weakening of the British currency further down to 1.6115.
    Technical resistance levels: 1.6445 1.6570 1.6700
    Technical support levels: 1.6250 1.6115 1.6000

    Trading range: 1.6400 - 1.6325
    Trend: Downward
    Sell at 1.6387 SL 1.6417 TP 1.6337
    Last edited by Jess; 10-20-2009 at 03:47 PM. Reason: Link Violation

  2. #2
    Join Date
    Apr 2014
    Posts
    573
    looks like a hammer on the GBPUSD Daily chart, there could be a bounce to the upside.

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