GBP/USD 1.5796 - 10 December 2010

GBP/USD Open 1.5770 High 1.5842 Low 1.5710 Close 1.5768

On Thursday Pound/Dollar sharply decreased with over 130 pips, in converse with the positive Interbank sentiment at almost +13%. The Cable depreciated from 1.5842 to 1.5710 yesterday, closing the day at 1.5768. Today the British Pound is making recovery efforts, but unconvincing for now. On the 1 hour chart trading is moving into a range, while on the 3 hour chart the downward channel is on hold. First resistance is yesterday's peak at 1.5842. Break above it should extend the bullish movement further towards the 1.5957. The nearest support is yesterday's bottom at 1.5710. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5600. Today are the UK PPI Output and Input at 9:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5842 1.5957 1.6077
Technical support levels: 1.5710 1.5600 1.5478

Trading range: 1.5785 - 1.5860
Trend: Upward
Buy at 1.5796 SL 1.5766 TP 1.5846

Already made +20 pips profit on GBP/USD today from the following signal:
7:23 GMT Buy GBP/USD at 1.5807 SL 1.5781 TP 1.5867, exit sent at 7:40 GMT.
Today so far +48, yesterday +173, as shown in details at