GBP/USD 1.5762 - 17 February 2010

GBP/USD Open 1.5785 High 1.5817 Low 1.5631 Close 1.5786

After slight decrease on Monday down to 1.5631, Pound/Dollar also rose and to the 1.5794 top on Tuesday, forming flag formation, and closing the day at 1.5786. As the bearish channel was also successfully penetrated upwards on the 3 hour chart, as well as the 1.5543 - 1.5749 range on the 30 minutes chart, the Cable seems to be on its way to recovering, towards next objective 1.5904. Only movements bellow yesterday's bottom and first support at 1.5631 may bring threat to the ascending perspective, and may trigger further bearish momentum towards 1.5541. At 9:30 GMT today there are several economic events coming for UK, which may bring volatility to the market. Quotes are currently moving above the 20 and 50 EMA on the 1 hour chart, suggesting strong bullish pressure. The value of RSI indicator is declining, while CCI and MACD are positive and leaning upwards on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5817 1.5904 1.6000
Technical support levels: 1.5631 1.5541 1.5456

Already made +39 pips profit on GBP/USD today from the following signal:
5:32 GMT Buy GBP/USD at 1.5777 SL 1.5751 TP 1.5837 exit sent 6:24 GMT
Today so far +78, yesterday +73, as shown in details at