GBP/USD 1.5727 - 13 January 2011

GBP/USD Open 1.5743 High 1.5781 Low 1.5584 Close 1.5756

On Wednesday Pound/Dollar continued increasing with 200 pips, in line with the positive Interbank sentiment at over +12%. The Cable appreciated from 1.5581 to 1.5781 yesterday, closing the day at 1.5756. Today the British Pound pushed a little further up to 1.5584, but overall it's movements are hesitant. On the 1 hour chart new upward channel is forming, while on the 3 hour chart the downward channel was broken upwards. First resistance is yesterday's peak at 1.5584. Break above it should extend the bullish movement further towards the 1.5900. The nearest support is yesterday's bottom at 1.5511. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5460. Today are UK Halifax house price index, Industrial production, Manufacturing output, and BoE meeting announcement, at 8 and 9:30 GMT respectively. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and dropping, MACD is positive and declining, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.5584 1.5900 1.6017
Technical support levels: 1.5581 1.5460 1.5339

Trading range: 1.5715 - 1.5790
Trend: Upward
Buy at 1.5727 SL 1.5697 TP 1.5777

Already made +37 pips profit on GBP/USD today from the following signal:
5:29 GMT Buy GBP/USD at 1.5747 SL 1.5721 TP 1.5807, exit sent at 7:36 GMT.
Today so far +125, yesterday +84, as shown in details at http://www.zifx.com/performance.php.

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