GBP/USD Technical Analysis 20 July 2009

By: iForex
GBP/USD 1.6474 - 20 July GBP/USD Open 1.6348 High 1.6473 Low 1.6275 Close 1.6330 Pound/Dollar was trading mostly downwards on Friday. The Cable started descending from 1.6420 down to 1.6275, closing the week at 1.6330. The Sterling could not break convincingly the 1.6275 support level, and today showed strong recovering impulse. On the 1 hour chart there is a formed descending sward, technically meaning an upwards reversal of the trend. Signals are bullish in the short term, and neutral in the medium term. Immediate support is 1.6300, followed by 1.6180. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting further potential ascending views. Technical resistance levels: 1.6475 1.6600 1.6750 Technical support levels: 1.6305 1.6195 1.6070