GBP/USD 1.6348 - 26 August 2009

GBP/USD Open 1.6348 High 1.6433 Low 1.6299 Close 1.6344

On Tuesday Pound/Dollar continued its bearish movement with around 100 pips from 1.6433 to 1.6330, and closing at 1.6344. On the 1 hour chart the Cable has formed bearish triangle, which, however does not seem very stable. Our preferable short term scenario is downwards with targets towards 1.6180, but first we need to see convincing break of the current key support at 1.6300. The nearest resistance is yesterday's top at 1.6435, the break of which may lead to Sterling recovery renewal. The CCI indicator has crossed down the 100 line on the 1 hour chart, showing potential descending pressure.

Technical resistance levels: 1.6435 1.6550 1.6645

Technical support levels: 1.6300 1.6180 1.6070

Trading range: 1.6360 - 1.6285

Trend: Downward

Sell at 1.6348 SL 1.6378 TP 1.6298

Already made +8 pips profit on GBP/USD today from the following signal:

5:36 GMT+1 Sell GBP/USD at 1.6329 SL 1.6355 TP 1.6269 exited at 8:01 GMT

Today so far +60, yesterday +170, as shown at www.zifx.com/performance.php