GBP/USD Technical Analysis 12 July 2010

After partial recovery, on Friday Pound/Dollar started decreasing, in converse with the Interbank sentiment at nearly +14%. The Cable at first climbed to 1.5200 on Friday, from where it started descending down to 1.5054, closing the week at 1.5059. Today dropping continued. On the 1 hour chart the upward channel is now broken downwards, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is Friday's peak at 1.5200. Break above it should extend the bullish movement further towards 1.5331. The nearest support is today's bottom at 1.4948. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.4834. Today are the UK GDP Q1 and UK Current account Q1, both at 8:30 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.Technical resistance levels: 1.5200 1.5331 1.5450Technical support levels: 1.4948 1.4834 1.4700

Trading range: 1.4995 - 1.4925Trend: DownwardSell at 1.4985 SL 1.5015 TP 1.4935

Already made +60 pips profit on GBP/USD today from the following signal:5:22 GMT+1 Sell GBP/USD at 1.5033 SL 1.5059 TP 1.4973 TP reached at 7:19 GMT+1.Today so far +178, on Friday +128, as shown in details at http://www.zifx.com/performance.php.