GBP/USD 1.5481 - 22 December 2010

GBP/USD Open 1.5463 High 1.5569 Low 1.5434 Close 1.5464

On Tuesday Pound/Dollar decreased with around 130 pips, in line with the negative Interbank sentiment at nearly -5%. The Cable depreciated from 1.5569 to 1.5434 yesterday, closing the day at 1.5464. Today the British Pound is slightly adjusting, and it's still moving within yesterday's range. On the 1 hour chart the range trading is breaking downwards, while on the 3 hour chart the downward channel has renewed. First resistance is yesterday's peak at 1.5569. Break above it should extend the bullish movement further towards the 1.5690. The nearest support is yesterday's bottom at 1.5434. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5312. Today are UK BoE meeting minutes, GDP and Current account, all at 9:30 GMT. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and tranquil, while CCI is close with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5569 1.5690 1.5800
Technical support levels: 1.5434 1.5312 1.5200

Trading range: 1.5495 - 1.5430
Trend: Downward
Sell at 1.5481 SL 1.5511 TP 1.5441

Already made +17 pips profit on GBP/USD today from the following signal:
5:32 GMT Sell GBP/USD at 1.5478 SL 1.5504 TP 1.5418, exit sent at 8:00 GMT.
Today so far +84, yesterday +123, as shown in details at