GBP/USD Technical Analysis 27 August 2010

On Thursday Pound/Dollar continued increasing, in line with the positive Interbank sentiment at nearly +18%. The Cable appreciated from 1.5468 to 1.5587 yesterday, closing the day at 1.5536. Today the British currency is moving hesitantly for now. 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 still on hold. First resistance is yesterday's peak at 1.5587. Break above it should extend the bullish movement further towards 1.5700. The nearest support is yesterday's bottom at 1.5468. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5389. Today are the UK Nationwide house price index and CBI retail sales volume balance at 6 and 11 GMT respectively. 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 declining, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.Technical resistance levels: 1.5587 1.5700 1.5828Technical support levels: 1.5468 1.5389 1.5256

Trading range: 1.5525 - 1.5455Trend: DownwardSell at 1.5515 SL 1.5545 TP 1.5465

Already made +11 pips profit on GBP/USD today from the following signal:7:11 GMT+1 Sell GBP/USD at 1.5499 SL 1.5527 TP 1.5439 exit sent at 8:22 GMT+1.Today so far +81, yesterday +112, as shown in details at http://www.zifx.com/performance.php.