GBP/USD 1.6312 - 28 August 2009
GBP/USD Open 1.6269 High 1.6316 Low 1.6156 Close 1.6271

After 3 days decreasing, on Thursday Pound/Dollar corrected upwards. After descending to the 1.6155 bottom, the Cable bounced up, reaching a peak at 1.6316, and closing the day of 1.6271. Immediate resistance is today's top at 1.6315, the break up of which may trigger further bullish impetus with possible test of 1.6435. Our expectations for further bearish scenario remains valid for now. Immediate support is yesterday's bottom at 1.6155. Break below this level may trigger further downward impulse. Today's positive result of the data on gross domestic product of Britain may lead to strong bullish pressure, negative data may give continuation of the bearish scenario. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting further bearish pressure.

Technical resistance levels: 1.6315 1.6435 1.6550

Technical support levels: 1.6155 1.6040 1.5900

Trading range: 1.6325 - 1.6250

Trend: Downward

Sell at 1.6312 SL 1.6342 TP 1.6262

Already made +34 pips profit on GBP/USD today from the following signal:

7:37 GMT+1 Sell GBP/USD at 1.6306 SL 1.6332 TP 1.6246 exited at 8:39 GMT

Today so far +138, yesterday +110, as shown at