GBP/USD 1.5407 - 2 September 2010

GBP/USD Open 1.5449 High 1.5482 Low 1.5338 Close 1.5454

On Wednesday Pound/Dollar recovered partly from losses earlier in the week, in line with the positive Interbank sentiment at nearly +17%. The Cable appreciated from 1.5338 to 1.5482 yesterday, closing the day at 1.5454. Today the British currency started weakening again. On the 1 hour chart the downward channel is trying to resume, while on the 3 hour chart the new downward channel has slowed down. First resistance is yesterday's peak at 1.5482. Break above it should extend the bullish movement further towards 1.5572. The nearest support is yesterday's bottom at 1.5338. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5200. There are no major economic events for UK today. 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 declining, MACD is neutral and declining, while CCI has strongly crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5482 1.5572 1.5694
Technical support levels: 1.5338 1.5200 1.5077

Trading range: 1.5420 - 1.5345
Trend: Downward
Sell at 1.5407 SL 1.5437 TP 1.5357

Already made +48 pips profit on GBP/USD today from the following signal:
6:42 GMT+1 Sell GBP/USD at 1.5421 SL 1.5447 TP 1.5361 exit sent at 8:44 GMT+1.
Today so far +141, yesterday +91, as shown in details at