GBP/USD 1.5563 - 11 January 2011

GBP/USD Open 1.5586 High 1.5603 Low 1.5473 Close 1.5570

On Monday Pound/Dollar increased with around 125 pips in the afternoon again, in line with the positive Interbank sentiment at almost +6%. The Cable appreciated from 1.5473 to 1.5603 yesterday, closing the day at 1.5570. Today the British Pound is trading hesitantly and without clear direction for now. On the 1 hour chart trading is within wide range, while on the 3 hour chart the downward channel is on hold. First resistance is yesterday's peak at 1.5603. Break above it should extend the bullish movement further towards the 1.5720. The nearest support is yesterday's bottom at 1.5473. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5355. There are no major economic events for UK today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5603 1.5720 1.5839
Technical support levels: 1.5473 1.5355 1.5238

Trading range: 1.5575 - 1.5510
Trend: Downward
Sell at 1.5563 SL 1.5593 TP 1.5523

Already made +19 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.5555 SL 1.5581 TP 1.5495, exit sent at 8:02 GMT.
Today so far +93, yesterday +116, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com