GBP/USD 1.5859 - 31 January 2011

GBP/USD Open 1.5822 High 1.5967 Low 1.5819 Close 1.5850

On Friday Pound/Dollar decreased with nearly 150 pips, in converse with the neutral Interbank sentiment at over +6%. The Cable depreciated from 1.5967 to 1.5824, closing the week at 1.5850. Today the British Pound weakened even further down to 1.5819. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is at the upper side of the wide trading range. First resistance is Friday's peak at 1.5967. Break above it should extend the bullish movement further towards the 1.6085. The nearest support is today's bottom at 1.5819. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5700. There are no major economic events for UK today. 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 positive and declining, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5967 1.6085 1.6200
Technical support levels: 1.5819 1.5700 1.5579

Trading range: 1.5870 - 1.5795
Trend: Downward
Sell at 1.5859 SL 1.5889 TP 1.5809

Already made +24 pips profit on GBP/USD today from the following signal:
5:17 GMT Buy GBP/USD at 1.5862 SL 1.5836 TP 1.5922, exit sent at 6:37 GMT.
Today so far +92, on Friday +68, as shown in details at