GBP/USD 1.5389 - 1 September 2010

GBP/USD Open 1.5349 High 1.5474 Low 1.5329 Close 1.5346

On Tuesday Pound/Dollar continued decreasing, in converse with the positive Interbank sentiment at nearly +17%. The Cable depreciated from 1.5474 to 1.5329 yesterday, closing the day at 1.5346. Today the British currency is making recovery efforts. On the 1 hour chart the downward channel is trying to resume, while on the 3 hour chart the new downward channel has slowed down. First resistance is yesterday's peak at 1.5474. Break above it should extend the bullish movement further towards 1.5572. The nearest support is yesterday's bottom at 1.5329. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5200. Today is UK CIPS manufacturing index at 8:30 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and declining, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5474 1.5572 1.5694
Technical support levels: 1.5329 1.5200 1.5077

Trading range: 1.5400 - 1.5325
Trend: Downward
Sell at 1.5389 SL 1.5419 TP 1.5339

Already made +9 pips profit on GBP/USD today from the following signal:
8:12 GMT+1 Sell GBP/USD at 1.5388 SL 1.5414 TP 1.5328 exit sent at 8:14 GMT+1.
Today so far +79, yesterday +143, as shown in details at