GBP/USD 1.5618 - 17 December 2010

GBP/USD Open 1.5628 High 1.5648 Low 1.5540 Close 1.5630

On Thursday Pound/Dollar commenced insignificant recovery with around 100 pips, in converse with the negative Interbank sentiment at almost -10%. The Cable appreciated from 1.5540 to 1.5638 yesterday, closing the day at 1.5630. Today the British Pound is making further climbing efforts, but very weak for the time being. On the 1 hour chart trading is within wide range, while on the 3 hour chart the downward channel is unable to resume. First resistance is today's peak at 1.5648. Break above it should extend the bullish movement further towards the 1.5775. The nearest support is yesterday's bottom at 1.5540. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5410. 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 slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and tranquil, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light bullish signals.
Technical resistance levels: 1.5648 1.5775 1.5900
Technical support levels: 1.5540 1.5410 1.5300

Trading range: 1.5605 - 1.5670
Trend: Upward
Buy at 1.5618 SL 1.5588 TP 1.5658

Already made +4 pips profit on GBP/USD today from the following signal:
5:32 GMT Sell GBP/USD at 1.5619 SL 1.5645 TP 1.5559, exit sent at 5:37 GMT.
Today so far +71, yesterday +120, as shown in details at