GBP/USD 1.5418 - 31 August 2010

GBP/USD Open 1.5464 High 1.5572 Low 1.5395 Close 1.5461

On Monday Pound/Dollar started decreasing after unconvincing bullish push up, in converse with the positive Interbank sentiment at nearly +17%. The Cable depreciated from 1.5572 to 1.5455 yesterday, closing the day at 1.5461. Today the British currency weakened further down to 1.5395. 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 1.5572. Break above it should extend the bullish movement further towards 1.5694. The nearest support is today's bottom at 1.5395. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5300. Today is UK M4 money supply, Consumer credit and Gfk consumer confidence at 8:30 and 23:01 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down strongly the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5572 1.5694 1.5828
Technical support levels: 1.5395 1.5300 1.5256

Trading range: 1.5430 - 1.5355
Trend: Downward
Sell at 1.5418 SL 1.5448 TP 1.5368

Already made +60 pips profit on GBP/USD today from the following signal:
5:43 GMT+1 Sell GBP/USD at 1.5465 SL 1.5491 TP 1.5405 TP reached at 8:06 GMT+1.
Today so far +143, yesterday +96, as shown in details at