GBP/USD 1.5671 - 12 August 2010

GBP/USD Open 1.5653 High 1.5860 Low 1.5615 Close 1.5656

On Wednesday Pound/Dollar continued decreasing, in converse with the positive Interbank sentiment at around +15%. The Cable depreciated from 1.5860 to 1.5615 yesterday, closing the day at 1.5656. Today the pair is adjusting upwards, but resuming of the descending trend should not come unexpected. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday's peak at 1.5860. Break above it should extend the bullish movement further towards 1.5992. The nearest support is yesterday's bottom at 1.5615. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5492. There are no major economic events for UK today. 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 rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5860 1.5992 1.6021
Technical support levels: 1.5615 1.5492 1.5400

Already made +5 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Sell GBP/USD at 1.5675 SL 1.5710 TP 1.5615 exit sent at 5:36 GMT+1.
Today so far +91, yesterday +171, as shown in details at