GBP/USD 1.5728 - 6 December 2010

GBP/USD Open 1.5759 High 1.5791 Low 1.5580 Close 1.5771

On Friday Pound/Dollar also increased significantly with over 200 pips, in converse with the negative Interbank sentiment at under -7%. The Cable appreciated from 1.5580 to 1.5791 on Friday, closing the week at 1.5771. Today the British Pound is making adjustment efforts. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart quotes are testing the upper limit of the downward channel. First resistance is Friday's peak at 1.5791. Break above it should extend the bullish movement further towards the 1.5910. The nearest support is Friday's bottom at 1.5580. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5452. Today is the Halifax House Price Index at 8 GMT. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is neutral and declining, MACD is positive and thinly declining, while CCI is in line with the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5791 1.5910 1.5900
Technical support levels: 1.5580 1.5452 1.5318

Trading range: 1.5740 - 1.5665
Trend: Downward
Sell at 1.5728 SL 1.5758 TP 1.5678

Already made +27 pips profit on GBP/USD today from the following signal:
5:40 GMT Buy GBP/USD at 1.5730 SL 1.5704 TP 1.5790, exit sent at 7:53 GMT.
Today so far +134, on Friday +168, as shown in details at