GBP/USD 1.5499 - 3 January 2011

GBP/USD Open 1.5566 High 1.5667 Low 1.5423 Close 1.5606

On Friday Pound/Dollar increased significantly with around 240 pips, in line with the positive Interbank sentiment at around +2%. The Cable appreciated from 1.5423 to 1.5667 on Friday, closing the year 2010 at 1.5606. Today the British Pound corrected downwards and is trying to resume climbing. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart quotes are testing the upper limit of the downward channel. First resistance is Friday's peak at 1.5667. Break above it should extend the bullish movement further towards the 1.5780. The nearest support is Friday's bottom at 1.5423. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5300. Today is a UK Bank holiday. 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 negative and declining, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5667 1.5780 1.5900
Technical support levels: 1.5423 1.5300 1.5183

Trading range: 1.5510 - 1.5335
Trend: Downward
Sell at 1.5499 SL 1.5529 TP 1.5349

Already made +60 pips profit on GBP/USD today from the following signal:
7:00 GMT Sell GBP/USD at 1.5561 SL 1.5587 TP 1.5501, TP reached at 7:48 GMT.
Today so far +140, last Thursday +102, as shown in details