GBP/USD 1.6564 - 20 August 2009

GBP/USD Open 1.6529 High 1.6578 Low 1.6376 Close 1.6528

On Wednesday Pound/Dollar traded hesitantly. The Cable decreased down to the 1.6376 bottom, from where it started rising up to 1.6566, closing the day at 1.6528. On the 1 hour chart quotes tested the upper limit of the downward channel. The nearest resistance is today's top at 1.6580, the break of which may lead to Sterling recovery continuation. First support is yesterday's bottom 1.6375. Break below this level may trigger further decreasing impetus towards 1.6260. The CCI indicator is about to cross up the 100 line on the 1 hour chart, showing existing upward pressure.

Technical resistance levels: 1.6580 1.6710 1.6845

Technical support levels: 1.6375 1.6260 1.6135

Trading range: 1.6575 - 1.6500

Trend: Downward

Sell at 1.6564 SL 1.6594 TP 1.6514

Already made +32 pips profit on GBP/USD today from the following signal:

7:18 GMT+1 Sell GBP/USD at 1.6576 SL 1.6602 TP 1.6516 exited at 8:00 GMT

Today so far +130, yesterday +81, as shown at www.zifx.com/performance.php