GBP/USD 1.5387 - 29 December 2010

GBP/USD Open 1.5350 High 1.5512 Low 1.5343 Close 1.5364

On Tuesday Pound/Dollar decreased significantly with over 160 pips, in converse with the positive Interbank sentiment at under +1%. The Cable depreciated from 1.5512 to 1.5343 yesterday, closing the day at 1.5364. Today the British Pound is trading quietly and within yesterday's range. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the downward channel has resumed. First resistance is yesterday's peak at 1.5512. Break above it should extend the bullish movement further towards the 1.5630. The nearest support is yesterday's bottom at 1.5343. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5237. There are no major economic events for UK today. 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 thinly positive and inclining upwards, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.5512 1.5630 1.5750
Technical support levels: 1.5343 1.5237 1.5110

Trading range: 1.5400 - 1.5335
Trend: Downward
Sell at 1.5387 SL 1.5417 TP 1.5347

Already made +39 pips profit on GBP/USD today from the following signal:
5:35 GMT Sell GBP/USD at 1.5400 SL 1.5426 TP 1.5340, exit sent at 8:06 GMT.
Today so far +101, yesterday +87, as shown in details at