GBP/USD Technical Analysis 10 February 2010

Pound/Dollar is trading mostly upwards this week, as seen on the 15 minute chart, making a significant climb on Tuesday to the 1.5732 top, closing the day at 1.5718. Although today started with slight decrease for the Cable, we may see further pressure on the Dollar later, especially if the above top and nearest resistance level is broken upwards. On the 1 hour chart the downward channel still remains intact. Only persuasive break bellow yesterday's bottom and nearest support at 1.5561 will return the Sterling back on the descending track, with next targets towards 1.5445. The upcoming UK economic data around 9:00 GMT may bring further catalysis to the market. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, suggesting intraday bearish and short term bullish perspective. The value of RSI indicator is rising, while MACD and CCI are calm, leaning downwards on the 1 hour chart, giving overall mixed signals.Technical resistance levels: 1.5732 1.5822 1.5919Technical support levels: 1.5561 1.5445 1.5334

Trading range: 1.5640 - 1.5715Trend: UpwardBuy at 1.5651 SL 1.5621 TP 1.5701

Already made +23 pips profit on GBP/USD today from the following signal:5:31 GMT Sell GBP/USD at 1.5672 SL 1.5698 TP 1.5612 exit sent 8:03 GMTToday so far +68, yesterday +106, as shown in details at www.zifx.com/performance.php.