GBP/USD 1.6098 - 22 December 2009

GBP/USD Open 1.6055 High 1.6164 Low 1.6029 Close 1.6031

Pound/Dollar made hesitant movements on Monday, also forming divergence on the daily chart. The Cable climbed to the 1.6164 top, from where it dropped down to 1.6029, closing the day at 1.6031. We expect the descending scenario to remain intact, but any upward correction should not come unexpected, after a week of continuous weakening. The 1.6029 level appears as a strong support, and only convincing break bellow it would confirm the continuation of the bears' domination, with targets towards 1.5914. Stronger downward impulse might weaken the Sterling further, with 1.5800 as a potential downward objective in the long run. The nearest resistance is yesterday's top at 1.6164, followed by 1.6235. The CCI indicator is positive on the 1 hour chart, suggesting bullish correctional movements.
Technical resistance levels: 1.6164 1.6235 1.6398
Technical support levels: 1.6029 1.5914 1.5825

Already made +32 pips profit on GBP/USD today from the following signal:
7:27 GMT Sell GBP/USD at 1.6096 SL 1.6122 TP 1.6036 exited at 7:58 GMT
Today so far +94, yesterday +145, as shown in details at