GBP/USD 1.5938 - 25 January 2011

GBP/USD Open 1.5982 High 1.6018 Low 1.5916 Close 1.5984

On Monday Pound/Dollar traded within 100 pip range, in line with the neutral Interbank sentiment at almost +6%. The Cable appreciated from 1.5919 to 1.6016 yesterday, after moving down first the same length, closing the day at 1.5984. Today the British Pound resumed weakening, reaching down to 1.5916. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart trading is at the upper side of the wide range. First resistance is today's peak at 1.6018. Break above it should extend the bullish movement further towards the 1.6134. The nearest support is today's bottom at 1.5916. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5800. Today are UK GDP, PSNCR and PSNB, all at 9:30 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and dropping, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6018 1.6134 1.6250
Technical support levels: 1.5916 1.5800 1.5682

Trading range: 1.5950 - 1.5875
Trend: Downward
Sell at 1.5938 SL 1.5978 TP 1.5888

Already made +24 pips profit on GBP/USD today from the following signal:
8:15 GMT Sell GBP/USD at 1.5940 SL 1.5966 TP 1.5880, exit sent at 8:31 GMT.
Today so far +72, yesterday +135, as shown in details at