GBP/USD 1.6475 - 25 August 2009

GBP/USD Open 1.6407 High 1.6546 Low 1.6340 Close 1.6414

On Monday Pound/Dollar decreased from 1.6546 to 1.6391, closing the day at 1.6412. On the 1 hour chart there is a downward channel formed, indicating downward gathered momentum. Short term signals are expected to remain bearish with targets towards 1.6270. The nearest resistance is 1.6435, the break of which may trigger upward impulse towards Monday's top 1.6546. Immediate support is today's bottom at 1.6340. The CCI indicator has crossed down the 100 line on the 1 hour chart, showing further potential descending pressure.

Technical resistance levels: 1.6435 1.6550 1.6645

Technical support levels: 1.6340 1.6220 1.6100

Trading range: 1.6485 - 1.6415

Trend: Downward

Sell at 1.6475 SL 1.6505 TP 1.6425

Already made +60 pips profit on GBP/USD today from the following signal:

5:40 GMT+1 Sell GBP/USD at 1.6421 SL 1.6447 TP 1.6361 TP reached at 8:01 GMT

Today so far +170, yesterday +129, as shown at www.zifx.com/performance.php