GBP/USD 1.5055 - 16 March 2010

GBP/USD Open 1.5047 High 1.5200 Low 1.4978 Close 1.5051

Pound/Dollar decreased on Monday, following the weak Interbank sentiment at only 0.68%. The Cable depreciated from 1.5200 to 1.5023, closing the day at 1.5023. Descending continued today, forming new support level at 1.4978. On the 3 hour chart the bearish channel has calmed and new range trading has formed on the 1 hour chart. There are no major economic events today for UK, only the DCLG Housing prices at 9:30 GMT. Break bellow today's bottom at 1.4978 should confirm Sterling's short term bearish outlook, which could accelerate the decreasing towards next objective 1.4871. The nearest resistance is yesterday's top at 1.5200. Going above it may seriously shake the bearish perspective. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI is positive and rising, MACD indicators are negative and calm, while CCI is negative and inclining upwards, giving overall bearish signals.
Technical resistance levels: 1.5200 1.5357 1.5454
Technical support levels: 1.4978 1.4871 1.4750

Already made +60 pips profit on GBP/USD today from the following signal:
5:34 GMT Sell GBP/USD at 1.5048 SL 1.5074 TP 1.4988 TP reached 7:37 GMT
Today so far +121, yesterday +156, as shown in details at