Technical Analysis Daily: GBP/USD

Daily Forex Technicals | Written by iFOREX.bg | Dec 04 08 09:22 GMT |

GBP/USD 1.4537 GBP/USD Open 1.4771 High 1.5065 Low 1.4756 Close 1.4776 After two days of uncertain movement yesterday Pound/Dollar continued with the downward direction. Traders are awaiting news on interest rate policy of the BOE at noon GMT. This will lead to serious volatility in the market as a whole. Yesterday's bottom during yesterday was 1.4664, with closing price 1.4776. The trend remains in favour of the Dollar with targets towards 1.4500. Present short-term resistance level is 1.4800 followed by 1.4970. Immediate support represents the 1.4460 level. The CCI indicator crossed down the 100 line on the daily chart, indicating further potential downward pressure. Technical resistance levels: 1.4800 1.4970 1.5060 Technical support levels: 1.4460 1.4395 1.4470 Trading range: 1.4550 - 1.4475 Trend: Downward Sell at 1.4537 SL 1.4567 TP 1.4487 iFOREX.bg Forecasts and Trading Signals http://www.zifx.com