GBP/USD 1.6325 - 27 August 2009
GBP/USD Open 1.6234 High 1.6355 Low 1.6172 Close 1.6246

Pound/.Dollar continued descending on Wednesday, from the 1.6355 top, to the 1.6172 bottom, closing the day at 1.6246. On the 4 hour chart the Cable has passed below the lower limit of the bullish channel, but quotes jumped and now hang around that limit. Signals are expected to remain bearish in the short term, but to confirm a downward prospects in the medium term we need to see break bellow 1.6030. The nearest support is yesterday's bottom at 1.6170. Potential upward correction at this stage would not come unexpected and may possibly test yesterday's top and immediate resistance 1.6355. Break above this area will lead to future bullish momentum.The CCI indicator has just crossed down the 100 line on the 1 hour chart, suggesting further decreasing pressure.

Technical resistance levels: 1.6355 1.6465 1.6580

Technical support levels: 1.6170 1.6070 1.5950

Trading range: 1.6335 - 1.6265

Trend: Downward

Sell at 1.6325 SL 1.6355 TP 1.6275

Already made +37 pips profit on GBP/USD today from the following signal:

5:39 GMT+1 Sell GBP/USD at 1.6227 SL 1.6253 TP 1.6167 exited at 8:03 GMT

Today so far +110, yesterday +60, as shown at