GBP/USD 1.5446 - 27 December 2010

GBP/USD Open 1.5407 High 1.5478 Low 1.5399 Close 1.5432

On Friday Pound/Dollar decreased insignificantly with around 60 pips, in converse with the positive Interbank sentiment at nearly +10%. The Cable depreciated from 1.5478 to 1.5415 on Friday, closing the week at 1.5432. Today the British Pound is weakened further down to 1.5399. On the 1 hour chart the new downward channel has slowed down, while on the 3 hour chart the downward channel is renewed. First resistance is Friday's peak at 1.5478. Break above it should extend the bullish movement further towards the 1.5600. The nearest support is today's bottom at 1.5399. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5280. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5478 1.5600 1.5722
Technical support levels: 1.5399 1.5280 1.5163

Trading range: 1.5455 - 1.5395
Trend: Downward
Sell at 1.5446 SL 1.5476 TP 1.5406

Already made +22 pips profit on GBP/USD today from the following signal:
6:48 GMT Sell GBP/USD at 1.5445 SL 1.5471 TP 1.5385, exit sent at 8:05 GMT.
Today so far +66, last Thursday +128, as shown in details at