GBP/USD 1.5536 - 26 August 2010

GBP/USD Open 1.5469 High 1.5580 Low 1.5389 Close 1.5458

On Wednesday Pound/Dollar continued increasing, in line with the positive Interbank sentiment at around +17%. The Cable appreciated from 1.5389 to 1.5476 yesterday, closing the day at 1.5458. Today the British currency extended its gains up to 1.5580, recovering the losses from the beginning of the week. On the 1 hour chart quotes are testing the upper limit of the the downward channel, while on the 3 hour chart the new downward channel is on hold. First resistance is today's peak at 1.5580. Break above it should extend the bullish movement further towards 1.5700. The nearest support is yesterday's bottom at 1.5389. 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 above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and climbing, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5580 1.5700 1.5828
Technical support levels: 1.5389 1.5256 1.5135

Trading range: 1.5525 - 1.5600
Trend: Upward
Buy at 1.5536 SL 1.5506 TP 1.5586

Already made +40 pips profit on GBP/USD today from the following signal:
5:35 GMT+1 Buy GBP/USD at 1.5549 SL 1.5523 TP 1.5609 exit sent at 8:04 GMT+1.
Today so far +112, yesterday +83, as shown in details at