GBP/USD 1.5422 - 25 August 2010

GBP/USD Open 1.5405 High 1.5504 Low 1.5372 Close 1.5392

On Tuesday Pound/Dollar continued decreasing, in converse with the positive Interbank sentiment at around +17%. The Cable depreciated from 1.5504 to 1.5372 yesterday, closing the day at 1.5392. Today the British currency is trading neutrally so far. On the 1 hour chart the downward channel was renewed, while on the 3 hour chart the new downward channel is gaining momentum. First resistance is yesterday's peak at 1.5504. Break above it should extend the bullish movement further towards 1.5614. 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 just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5504 1.5614 1.5750
Technical support levels: 1.5372 1.5256 1.5135

Trading range: 1.5435 - 1.5360
Trend: Downward
Sell at 1.5422 SL 1.5452 TP 1.5372

Already made +41 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Sell GBP/USD at 1.5429 SL 1.5455 TP 1.5369 exit sent at 8:27 GMT+1.
Today so far +83, yesterday +159, as shown in details at