GBP/USD 1.5617 - 3 December 2010

GBP/USD Open 1.5586 High 1.5668 Low 1.5510 Close 1.5595

On Thursday Pound/Dollar was moving within narrow 150 pip range, in line with the neutral Interbank sentiment at around +6%. The Cable depreciated from 1.5668 to 1.5510, closing the day at 1.5595. Today the British Pound is making recovery efforts, but unconvincing for now. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour chart the downward channel is on hold. First resistance is yesterday's peak at 1.5668. Break above it should extend the bullish movement further towards the 1.5784. The nearest support is yesterday's bottom at 1.5510. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5400. 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 positive and rising, MACD is thinly positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5668 1.5784 1.5900
Technical support levels: 1.5510 1.5400 1.5281

Trading range: 1.5605 - 1.5680
Trend: Upward
Buy at 1.5617 SL 1.5587 TP 1.5667

Already made +42 pips profit on GBP/USD today from the following signal:
5:31 GMT Buy GBP/USD at 1.5607 SL 1.5581 TP 1.5667, exit sent at 8:40 GMT.
Today so far +118, yesterday +101, as shown in details