GBP/USD 1.5583 - 16 December 2010

GBP/USD Open 1.5456 High 1.5766 Low 1.5528 Close 1.5541

On Wednesday Pound/Dollar began decreasing significantly with around 230 pips, in converse with the positive Interbank sentiment at almost +1%. The Cable depreciated from 1.5766 to 1.5528 yesterday, closing the day at 1.5541. Today the British Pound is making unconvincing recovery efforts. On the 1 hour chart trading is within wide range, while on the 3 hour chart the downward channel is making renewal efforts. First resistance is yesterday's peak at 1.5766. Break above it should extend the bullish movement further towards the 1.5880. The nearest support is yesterday's bottom at 1.5528. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5410. Today is the UK Retail sales at 9:30 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall bullish signals.
Technical resistance levels: 1.5766 1.5880 1.6000
Technical support levels: 1.5528 1.5410 1.5300

Trading range: 1.5570 - 1.5645
Trend: Upward
Buy at 1.5583 SL 1.5553 TP 1.5633

Already made +15 pips profit on GBP/USD today from the following signal:
7:39 GMT Sell GBP/USD at 1.5581 SL 1.5607 TP 1.5521, exit sent at 7:51 GMT.
Today so far +120, yesterday +63, as shown in details at