GBP/USD 1.5880 - 28 January 2011

GBP/USD Open 1.5922 High 1.5991 Low 1.5852 Close 1.5926

On Thursday Pound/Dollar traded within narrow 110 pip range, in line with the neutral Interbank sentiment at almost +8%. The Cable appreciated from 1.5878 to 1.5991 yesterday, closing the day at 1.5926. Today the British Pound is slightly weak, as it pulled down to 1.5852. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is at the upper side of the wide trading range. First resistance is yesterday's peak at 1.5991. Break above it should extend the bullish movement further towards the 1.6100. The nearest support is today's bottom at 1.5874. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5650. Today was UK Gfk consumer confidence, already passed at at 0:01 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5991 1.6100 1.6232
Technical support levels: 1.5852 1.5640 1.5523

Trading range: 1.5890 - 1.5820
Trend: Downward
Sell at 1.5880 SL 1.5910 TP 1.5830

Already made +26 pips profit on GBP/USD today from the following signal:
5:38 GMT Buy GBP/USD at 1.5889 SL 1.5863 TP 1.5949, exit sent at 6:52 GMT.
Today so far +68, yesterday +131, as shown in details at