GBP/USD 1.5405 - 24 August 2010

GBP/USD Open 1.5497 High 1.5614 Low 1.5372 Close 1.5510

On Monday Pound/Dollar decreased, continuing the downward momentum after a strong upward correction, in converse with the positive Interbank sentiment at nearly +19%. The Cable depreciated from 1.5614 to 1.5485 yesterday, closing the day at 1.5510. Today the British currency weakened further down to 1.5372. On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the new downward channel gains strength. First resistance is yesterday's peak at 1.5614. Break above it should extend the bullish movement further towards 1.5750. The nearest support is today's bottom at 1.5372. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5256. There are no major economic events for UK today. Quotes are moving way bellow the 20 and 50 EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and dropping, MACD is negative and declining too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5614 1.5750 1.5900
Technical support levels: 1.5372 1.5256 1.5135

Trading range: 1.5415 - 1.5345
Trend: Downward
Sell at 1.5405 SL 1.5435 TP 1.5355

Already made +60 pips profit on GBP/USD today from the following signal:
5:36 GMT+1 Sell GBP/USD at 1.5433 SL 1.5459 TP 1.5373 TP reached at 8:17 GMT+1.
Today so far +147, yesterday +123, as shown in details at