GBP/USD 1.6478 - 19 August 2009

GBP/USD Open 1.6546 High 1.6594 Low 1.6327 Close 1.6559

Pound/Dollar renewed its downward trend today, after further recovery yesterday, and started dropping from this morning's top 1.6593. Current indicators and our short term expectations are bearish towards yesterday's bottom and next objective 1.6325. If that level is broken, the decreasing trend is expected to continue for now with impetus possibly towards the area of 1.6200. In upward direction first resistance is 1.6595, the break of which may lead to recovery renewal for the Cable. The The CCI indicator has crossed down the 100 line on the 1 hour chart, confirming the current downward pressure.

Technical resistance levels: 1.6595 1.6720 1.6850

Technical support levels: 1.6325 1.6200 1.6085

Trading range: 1.6490 - 1.6415

Trend: Downward

Sell at 1.6478 SL 1.6508 TP 1.6428

Already made +26 pips profit on GBP/USD today from the following signal:

5:40 GMT+1 Buy GBP/USD at 1.6535 SL 1.6509 TP 1.6595 exited at 5:57 GMT

Today so far +81, yesterday +116, as shown at