GBP/USD 1.5526 - 4 January 2011

GBP/USD Open 1.5485 High 1.5634 Low 1.5432 Close 1.5487

On Monday Pound/Dollar decreased significantly with over 200 pips, in line with the negative Interbank sentiment at nearly -2%. The Cable depreciated from 1.5634 to 1.5432 yesterday, closing the day at 1.5487. Today the British Pound is trading hesitantly and without clear direction for now. On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel has resumed. First resistance is yesterday's peak at 1.5634. Break above it should extend the bullish movement further towards the 1.5750. The nearest support is yesterday's bottom at 1.5432. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5318. Today are UK CIPS manufacturing index, M4 money supply and Consumer credit, all at 9:30 GMT. Quotes have just crossed up the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and inclining upwards, while CCI has just crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5634 1.5750 1.5867
Technical support levels: 1.5432 1.5318 1.5200

Trading range: 1.5515 - 1.5580
Trend: Upward
Buy at 1.5526 SL 1.5496 TP 1.5566

Already made +29 pips profit on GBP/USD today from the following signal:
5:35 GMT Sell GBP/USD at 1.5482 SL 1.5508 TP 1.5422, exit sent at 6:34 GMT.
Today so far +124, yesterday +140, as shown in details at