GBP/USD 1.5601 - 5 January 2011

GBP/USD Open 1.5595 High 1.5646 Low 1.5453 Close 1.5584

On Tuesday Pound/Dollar increased significantly with nearly 200 pips, in line with the positive Interbank sentiment at nearly +7%. The Cable appreciated from 1.5453 to 1.5646 yesterday, closing the day at 1.5584. Today the British Pound is slightly correcting. On the 1 hour chart trading is within range, while on the 3 hour chart the downward channel looks good. First resistance is yesterday's peak at 1.5646. Break above it should extend the bullish movement further towards the 1.5760. The nearest support is yesterday's bottom at 1.5453. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5332. There are no major economic events for UK today. 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 calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5646 1.5760 1.5900
Technical support levels: 1.5453 1.5332 1.5200

Trading range: 1.5590 - 1.5665
Trend: Upward
Buy at 1.5601 SL 1.5571 TP 1.5651

Already made +53 pips profit on GBP/USD today from the following signal:
7:47 GMT Buy GBP/USD at 1.5576 SL 1.5550 TP 1.5636, exit sent at 8:22 GMT.
Today so far +146, yesterday +124, as shown in details at