GBP/USD 1.4480 - 1 June 2010

GBP/USD Open 1.4520 High 1.4550 Low 1.4391 Close 1.4534

After partial recovery last week, on Monday Pound/Dollar traded with a slight increase, in converse with negative Interbank sentiment at nearly -34%. The Cable climbed from 1.4391 to 1.4550 yesterday, closing the day at 1.4534. Today Sterling is making drastic downward correction, loosing almost all yesterday's gains. First resistance is yesterday's top at 1.4550. Break above it should extend the bullish movement further towards 1.4680. The nearest support is yesterday's bottom at 1.4391. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.4250. Today is the UK CIPS manufacturing index at 8:30 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.Technical resistance levels: 1.4550 1.4680 1.4830Technical support levels: 1.4391 1.4250 1.4133

Trading range: 1.4490 - 1.4410Trend: DownwardSell at 1.4480 SL 1.4510 TP 1.4420

Already made +60 pips profit on GBP/USD today from the following signal:5:37 GMT+1 Buy GBP/USD at 1.4477 SL 1.4451 TP 1.4537 TP reached at 6:46 GMT+1.Today so far +160, yesterday +131, as shown in details at