GBP/USD 1.5760 - 13 December 2010

GBP/USD Open 1.5791 High 1.5863 Low 1.5743 Close 1.5796

On Friday Pound/Dollar sharply increased with nearly 120 pips, in line with the positive Interbank sentiment at almost +10%. The Cable appreciated from 1.5746 to 1.5863 on Friday, closing the week at 1.5796. Today the British Pound is strongly adjusting, going down to 1.5743. On the 1 hour chart trading is moving into a range, while on the 3 hour chart the downward channel was broken upwards. First resistance is Friday's peak at 1.5863. Break above it should extend the bullish movement further towards the 1.5981. The nearest support is today's bottom at 1.5743. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5629. Today is the UK PPI Input at 9:30 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 declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5863 1.5981 1.6100
Technical support levels: 1.5743 1.5629 1.5512

Trading range: 1.5760 - 1.5700
Trend: Downward
Sell at 1.5760 SL 1.5790 TP 1.5710

Already made +46 pips profit on GBP/USD today from the following signal:
5:50 GMT Sell GBP/USD at 1.5789 SL 1.5815 TP 1.5729, exit sent at 8:35 GMT.
Today so far +98, on Friday +48, as shown in details at