GBP/USD 1.6623 - 15 September 2009

GBP/USD Open 1.6580 High 1.6682 Low 1.6522 Close 1.6577

Monday's divergence formation warned for a downward correctional movement. The currency couple made a bottom at 1.6522, closing the day at 1.6577. On the 1 hour chart is seen that the bullish channel might be broken by the stronger bearish indicators, as quotes are struggling around the lower limit of the bullish channel. The upward scenario, however, remains intact and is preferable by us for now in the medium term, but bearish in the short. First resistance is yesterday's top 1.6680. Break above that level may trigger further upward momentum with possible test of 1.6800. The nearest support is 1.6520. Convincing break below it may lead to reversal descending impulse. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting potential decreasing rebound.

Technical resistance levels: 1.6680 1.6800 1.6915

Technical support levels: 1.6520 1.6400 1.6275

Trading range: 1.6635 - 1.6560

Trend: Downward

Sell at 1.6623 SL 1.6653 TP 1.6573

Already made +46 pips profit on GBP/USD today from the following signal:

5:36 GMT+1 Buy GBP/USD at 1.6612 SL 1.6586 TP 1.6672 exited at 7:05 GMT

Today so far +104, yesterday +148, as shown at