GBP/USD 1.5537 - 18 August 2010

GBP/USD Open 1.5574 High 1.5692 Low 1.5498 Close 1.5585

On Tuesday Pound/Dollar resumed descending, in converse with the positive Interbank sentiment at nearly +15%. The Cable depreciated from 1.5692 to 1.5557 yesterday, closing the day at 1.5585. Today the bears are pushing further down, extending the dropping to 1.5498 for now. On the 1 hour chart the downward channel is renewed, while on the 3 hour chart the upward channel was broken downwards. First resistance is yesterday's peak at 1.5692. Break above it should extend the bullish movement further towards 1.5790. The nearest support is today's bottom at 1.5498. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5400. Today is UK BoE meeting minutes at 8:30 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and quiet, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart strongly, giving overall short signals.
Technical resistance levels: 1.5692 1.5790 1.5900
Technical support levels: 1.5498 1.5400 1.5281

Already made +57 pips profit on GBP/USD today from the following signal:
5:32 GMT+1 Sell GBP/USD at 1.5557 SL 1.5583 TP 1.5497 exit sent at 7:04 GMT+1.
Today so far +105, yesterday +152, as shown in details at