GBP/USD 1.5808 - 11 August 2010

GBP/USD Open 1.5858 High 1.5905 Low 1.5712 Close 1.5848

On Tuesday Pound/Dollar also decreased, also reacting with a rise on the FOMC meeting announcement, in converse with the positive Interbank sentiment at around +16%. The Cable depreciated from 1.5905 to 1.5712 yesterday, closing the day at 1.5848. Today the bears are trying to push further down, but without success so far. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday's peak at 1.5905. Break above it should extend the bullish movement further towards 1.5992. The nearest support is today's bottom at 1.5712. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5600. Today are the UK Claimant count, Average earnings, ILO Jobless rate and BoE quarterly inflation report at 8:30 and 9 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, MACD is negative and calm, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5905 1.5992 1.6021
Technical support levels: 1.5712 1.5600 1.5492

Already made +53 pips profit on GBP/USD today from the following signal:
6:29 GMT+1 Sell GBP/USD at 1.5815 SL 1.5841 TP 1.5755 exit sent at 7:42 GMT+1.
Today so far +171, yesterday +86, as shown in details at