GBP/USD Technical Analysis 22 June 2010

On Monday Pound/Dollar continued the recovery process at first, than started weakening, in line with negative Interbank sentiment at around -28%. The Cable appreciated to 1.4932 yesterday, than dropped down to 1.4740, closing the day at 1.4756. Today the pair shows further weakness, but without strong downward momentum so far. First resistance is yesterday's top at 1.4932. Break above it should extend the bullish movement further towards 1.5050. The nearest support is today's bottom at 1.4724. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.4600. There are no major economic events for UK today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and rising, MACD is negative and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.Technical resistance levels: 1.4932 1.5050 1.5288Technical support levels: 1.4724 1.4600 1.4454

Trading range: 1.4785 - 1.4710Trend: DownwardSell at 1.4774 SL 1.4804 TP 1.4724

Already made +38 pips profit on GBP/USD today from the following signal:5:35 GMT+1 Sell GBP/USD at 1.4763 SL 1.4789 TP 1.4703 exit at 7:04 GMT+1.Today so far +102, yesterday +148, as shown in details at http://www.zifx.com/performance.php.