GBP/USD 1.5752 - 15 December 2010

GBP/USD Open 1.5759 High 1.5912 Low 1.5711 Close 1.5771

On Tuesday Pound/Dollar began decreasing significantly with over 170 pips, in line with the negative Interbank sentiment at almost -1%. The Cable depreciated from 1.5912 to 1.5737 yesterday, closing the day at 1.5771. Today the British Pound continued weakening further down to 1.5711. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the downward channel is making renewal efforts. First resistance is yesterday's peak at 1.5912. Break above it should extend the bullish movement further towards the 1.6026. The nearest support is today's bottom at 1.5711. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5600. Today are the UK Claimant count, Average earnings and ILO Jobless rate, all at 9:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5912 1.6026 1.6150
Technical support levels: 1.5711 1.5600 1.5477

Trading range: 1.5765 - 1.5690
Trend: Downward
Sell at 1.5752 SL 1.5782 TP 1.5702

Already made +21 pips profit on GBP/USD today from the following signal:
6:17 GMT Sell GBP/USD at 1.5732 SL 1.5767 TP 1.5672, exit sent at 6:31 GMT.
Today so far +63, yesterday +160, as shown in details at