GBP/USD Technical Analysis 22 February 2010

Pound/Dollar tried to continue decreasing on Friday down to 1.5356, from where the currency couple bounced up, closing the week at 1.5466. On the 3 hour chart we still have well formed bearish channel, which was disturbed with many adjustments during the first half of February. Expectation today are for the the bearish trend to continue towards next objective downwards 1.5298, if we see successful penetration of the nearest support at 1.5370, which the Sterling is currently testing. There are no economic events today for UK, therefore range trade should not be unexpected. Quotes are currently moving bellow the 50 and above the 20 EMA on the 1 hour chart, giving mixed indications. The value of RSI and MACD indicators are positive, quiet and in the overbought zone, while CCI is positive and climbing on the 1 hour chart, giving overall uncertain signals.Technical resistance levels: 1.5817 1.5904 1.6000Technical support levels: 1.5370 1.5298 1.5200

Trading range: 1.5515 - 1.5440Trend: DownwardSell at 1.5502 SL 1.5532 TP 1.5452

Already made +40 pips profit on GBP/USD today from the following signal:5:44 GMT Sell GBP/USD at 1.5488 SL 1.5514 TP 1.5428 exit sent 6:59 GMTToday so far +135, on Friday +141, as shown in details at www.zifx.com/performance.php.