GBP/USD 1.6384 - 29 October 2009

GBP/USD Open 1.6375 High 1.6449 Low 1.6287 Close 1.6379

On Wednesday Pound/Dollar seemed to move above the bearish channel and around it's upper limit on the 3 hour chart, closing the day within it. After a huge bearish momentum at the end of last week the upward pressure is not an unexpected correction. Till we get a convincing movement above the bearish channel i.e. 1.6680 (1 hour chart), we would prefer to lean on the bears. The nearest resistance is yesterday's peak 1.6450. Break above this level seriously damage the the downward outlook. First support is represented by the 1.6285 level. Going bellow it may lead to further weakening of the Cable towards 1.6150, followed by 1.6010. The CCI indicator is neutral on the 1 hour chart, suggesting range movements.
Technical resistance levels: 1.6450 1.6570 1.6700
Technical support levels: 1.6285 1.6150 1.6010

Trading range: 1.6395 - 1.6320
Trend: Downward
Sell at 1.6384 SL 1.6414 TP 1.6334

Already made +37 pips profit on GBP/USD today from the following signal:
5:39 GMT+1 Sell GBP/USD at 1.6398 SL 1.6424 TP 1.6338 exited at 6:47 GMT
Today so far +94, yesterday +163, as shown in details at