GBP/USD Technical Analysis 19 May 2010

After some hesitant movements, Pound/Dollar continued decreasing on Tuesday, in line with the negative Interbank sentiment at nearly -68%. The Cable depreciated yesterday from 1.4509 to 1.4275, closing the day at 1.4332. Today Sterling has recorded partial correction, and weakening is expected to continue. First resistance is yesterday's top at 1.4509. Break above it should extend the bullish movement further towards 1.4641. The nearest support is today's bottom at 1.4237. Going bellow it should extend British Pound's reduction further down towards next downward target 1.4135. Today is the UK BoE meeting at 8:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and pointing upwards, while CCI is about to cross up the 100 line on the 1 hour chart, giving over light long signals.Technical resistance levels: 1.4509 1.4641 1.4781Technical support levels: 1.4237 1.4135 1.4000

Trading range: 1.4380 - 1.4305Trend: DownwardSell at 1.4367 SL 1.4397 TP 1.4317

Already made +41 pips profit on GBP/USD today from the following signal:6:24 GMT+1 Sell GBP/USD at 1.4318 SL 1.4343 TP 1.4258 exit at 7:10 GMT+1.Today so far +135, yesterday +105, as shown in details at http://www.zifx.com/performance.php.