GBP/USD 1.5541 - 19 August 2010

GBP/USD Open 1.5596 High 1.5683 Low 1.5503 Close 1.5592

On Wednesday Pound/Dollar increased, recovering almost all previous day's losses, in line with the positive Interbank sentiment at nearly +18%. The Cable appreciated from 1.5503 to 1.5683 yesterday, closing the day at 1.5592. Today the bears again are trying to push down. On the 1 hour chart the downward channel is making renewal efforts, while on the 3 hour chart the upward channel was broken downwards. First resistance is yesterday's peak at 1.5683. Break above it should extend the bullish movement further towards 1.5790. The nearest support is yesterday's bottom at 1.5503. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5400. Today is UK Retail sales, M4 money supply, PSNCR, PSNB and CBI industrial order books balance at 8:30 and 10 GMT respectively. 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 calm too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5683 1.5790 1.5900
Technical support levels: 1.5503 1.5400 1.5281

Already made +59 pips profit on GBP/USD today from the following signal:
5:33 GMT+1 Sell GBP/USD at 1.5572 SL 1.5598 TP 1.5512 exit sent at 8:36 GMT+1.
Today so far +150, yesterday +119, as shown in details at