GBP/USD 1.6585 - 22 October 2009

GBP/USD Open 1.6610 High 1.6636 Low 1.6349 Close 1.6606

On Wednesday Pound/Dollar climbed with nearly 300 pips, from the 1.6349 bottom to the 1.6636 top, where rising was limited at the upper limit of the bearish channel, failing to break up the bearish channel, closing the day at 1.6606. The upper line of the downward channel is good place to enter short positions at this stage. Unconvincing break upwards usually leads to substantial bearish correction. The nearest support is yesterday's bottom at 1.6350. Going under in it may trigger further weakening of the Cable towards 1.6220. First resistance is yesterday's top at 1.6635. Break above this level may bring an end to the bearish scenario. CCI has convincingly has crossed down the 100 line on the 1 hour chart, suggesting strong bearish pressure.
Technical resistance levels: 1.6635 1.6770 1.6900
Technical support levels: 1.6350 1.6220 1.6100

Trading range: 1.6595 - 1.6525
Trend: Downward
Sell at 1.6585 SL 1.6615 TP 1.6535

Already made +29 pips profit on GBP/USD today from the following signal:
5:38 GMT+1 Buy GBP/USD at 1.6596 SL 1.6570 TP 1.6656 reached at 6:58 GMT
Today so far +114, yesterday +141, as shown in details at