GBP/USD 1.5547 - 21 December 2010

GBP/USD Open 1.5504 High 1.5577 Low 1.5475 Close 1.5509

On Monday Pound/Dollar traded within 200 pips range, in line with the neutral Interbank sentiment at nearly -5%. The Cable depreciated from 1.5577 to 1.5475 yesterday, closing the day at 1.5509. Today the British Pound is trading quietly and within yesterday's range. On the 1 hour chart the range trading is breaking downwards, while on the 3 hour chart the downward channel is making renewal attempts. First resistance is yesterday's peak at 1.5577. Break above it should extend the bullish movement further towards the 1.5690. The nearest support is yesterday's bottom at 1.5475. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5350. Today are UK Gfk consumer confidence, PSNCR and PSNB at 0:01, and 9:30 GMT respectively. Quotes are moving just about in line with the 20 and 50 EMA on the 1 hour chart, indicating neutral pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5577 1.5690 1.5800
Technical support levels: 1.5475 1.5350 1.5224

Trading range: 1.5560 - 1.5495
Trend: Downward
Sell at 1.5547 SL 1.5577 TP 1.5507

Already made +14 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.5546 SL 1.5581 TP 1.5486, exit sent at 8:20 GMT.
Today so far +74, yesterday +50, as shown in details at