GBP/USD 1.4940 - 2 March 2010

GBP/USD Open 1.4972 High 1.5233 Low 1.4777 Close 1.4987

Pound/Dollar sank on Monday with around 450 pips after polls showed hung parliament and investors sold huge. The Cable dropped from 1.5233 down to 1.4777 yesterday, closing the day at 1.4987. There are no major economic events today for UK besides the Halifax housing at 9:00 and CIPS construction PMI at 9:30 GMT. Our expectations are for the downtrend to continue, especially if we see break bellow yesterday's bottom at 1.4777. The nearest resistance is at 1.5009, followed by 1.5180. Quotes are currently moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI, MACD and CCI indicators are all neutral and dovish on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5009 1.5180 1.5275
Technical support levels: 1.4777 1.4655 1.4551

Already made +60 pips profit on GBP/USD today from the following signal:
5:34 GMT Sell GBP/USD at 1.4938 SL 1.4964 TP 1.4878 TP reached 6:58 GMT
Today so far +151, yesterday +149, as shown in details at