GBP/USD 1.5414 - 3 September 2010

GBP/USD Open 1.5396 High 1.5453 Low 1.5349 Close 1.5398

On Thursday Pound/Dollar weakened again, and continued trading within narrow range, in converse with the positive Interbank sentiment at around +8%. The Cable depreciated from 1.5453 to 1.5349 yesterday, closing the day at 1.5398. Today the British currency is trading neutrally and without clear direction so far. On the 1 hour chart the downward channel is trying to resume, while on the 3 hour chart the new downward channel has slowed down. First resistance is yesterday's peak at 1.5453. Break above it should extend the bullish movement further towards 1.5572. The nearest support is yesterday's bottom at 1.5349. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5200. Today are the UK Nationwide house price index and UK CIPS services index at 6 and 8:30 GMT respectively. 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 climbing, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5453 1.5572 1.5694
Technical support levels: 1.5349 1.5200 1.5077

Trading range: 1.5400 - 1.5475
Trend: Upward
Buy at 1.5414 SL 1.5384 TP 1.5464

Already made +15 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.5415 SL 1.5389 TP 1.5475 exit sent at 8:48 GMT+1.
Today so far +85, yesterday +142, as shown in details at