GBP/USD 1.5648 - 13 August 2010

GBP/USD Open 1.5583 High 1.5713 Low 1.5563 Close 1.5577

On Thursday Pound/Dollar continued decreasing, in converse with the positive Interbank sentiment at around +20%. The Cable depreciated from 1.5713 to 1.5563 yesterday, closing the day at 1.5577. Today the pair is adjusting upwards, but descending trend may resume any time. On the 1 hour chart new downward channel is formed, while on the 3 hour chart the upward channel was broken downwards. First resistance is yesterday's peak at 1.5713. Break above it should extend the bullish movement further towards 1.5860. The nearest support is yesterday's bottom at 1.5563. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5440. There are no major economic events for UK today. Quotes have just moved just above the 20 and 50 EMA on the 1 hour chart, indicating short term bullish pressure. The value of the RSI indicator is positive and in the overbought zone, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5713 1.5860 1.5992
Technical support levels: 1.5563 1.5440 1.5300

Already made +32 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Sell GBP/USD at 1.5632 SL 1.5658 TP 1.5572 exit sent at 5:58 GMT+1.
Today so far +115, yesterday +91, as shown in details at