GBP/USD 1.5810 - 26 January 2011

GBP/USD Open 1.5816 High 1.6018 Low 1.5749 Close 1.5814

On Tuesday Pound/Dollar sharply dropped with around 270 pips on bad Q4 GDP data, in converse with the positive Interbank sentiment at almost +8%. The Cable depreciated from 1.6018 to 1.5749 yesterday, closing the day at 1.5814. Today the British Pound is trading quietly and without clear direction for now. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart trading is at the upper side of the wide trading range. First resistance is yesterday's peak at 1.6018. Break above it should extend the bullish movement further towards the 1.6134. The nearest support is yesterday's bottom at 1.5749. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5630. Today is UK BoE meeting minutes at 9:30 GMT. 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 tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6018 1.6134 1.6250
Technical support levels: 1.5749 1.5630 1.5500

Trading range: 1.5820 - 1.5750
Trend: Downward
Sell at 1.5810 SL 1.5840 TP 1.5760

Already made +15 pips profit on GBP/USD today from the following signal:
7:06 GMT Sell GBP/USD at 1.5803 SL 1.5829 TP 1.5743, exit sent at 7:12 GMT.
Today so far +75, yesterday +108, as shown in details at