GBP/USD 1.5565 - 23 August 2010

GBP/USD Open 1.5544 High 1.5618 Low 1.5470 Close 1.5526

On Friday Pound/Dollar decreased, continuing the downward impulse from Thursday, in converse with the positive Interbank sentiment at nearly +12%. The Cable depreciated from 1.5594 to 1.5470 on Friday, closing the week at 1.5526. Today the British currency is making recovery efforts. On the 1 hour chart trading is within range, while on the 3 hour chart the new downward channel has calmed down. First resistance is today's peak at 1.5618. Break above it should extend the bullish movement further towards 1.5750. The nearest support is Friday's bottom at 1.5470. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5345. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5618 1.5750 1.5900
Technical support levels: 1.5470 1.5345 1.5300

Trading range: 1.5555 - 1.5625
Trend: Upward
Buy at 1.5565 SL 1.5535 TP 1.5615
Already made +60 pips profit on GBP/USD today from the following signal:
5:22 GMT+1 Buy GBP/USD at 1.5553 SL 1.5527 TP 1.5613 TP reached at 7:48 GMT+1.
Today so far +123, on Friday +92, as shown in details at