GBP/USD 1.5614 - 16 August 2010

GBP/USD Open 1.5598 High 1.5674 Low 1.5536 Close 1.5585

On Friday Pound/Dollar continued decreasing after strong adjustment, in converse with the positive Interbank sentiment at around +17%. The Cable depreciated from 1.5674 to 1.5576 on Friday, closing the week at 1.5585. Today the pair extended its descending down to 1.5536. 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 Friday's peak at 1.5674. Break above it should extend the bullish movement further towards 1.5790. The nearest support is today's bottom at 1.5536. 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 are moving just above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart strongly, giving overall long signals.
Technical resistance levels: 1.5674 1.5790 1.5900
Technical support levels: 1.5536 1.5440 1.5300

Already made +60 pips profit on GBP/USD today from the following signal:
5:03 GMT+1 Sell GBP/USD at 1.5569 SL 1.5543 TP 1.5629 TP reached at 7:31 GMT+1.
Today so far +174, on Friday +115, as shown in details at