GBP/USD 1.6027 - 6 January 2010

GBP/USD Open 1.5991 High 1.6153 Low 1.5945 Close 1.5989

Pound/Dollar attempt to make the rise yesterday, reaching a peak at 1.6153, where the increasing momentum was limited and the Cable started dropping down to 1.5966, closing the day at 1.5989. Of the 3 hour chart quotes are still caught within the 1.5848 - 1.6228 range, indicating that the Sterling is still in a consolidation phase. We will look for a break out of the above range to better picture of next movements. For now our preferable scenario is bullish, with targets towards 1.6153, and potential test of 1.6232. Break bellow the nearest support at 1.5945 may trigger future descending impulse towards 1.5858. The CCI indicator is positive on the 1 hour chart, suggesting ascending pressure.
Technical resistance levels: 1.6153 1.6232 1.6325
Technical support levels: 1.5945 1.5858 1.5878

Already made +17 pips profit on GBP/USD today from the following signal:
5:32 GMT Sell GBP/USD at 1.5967 SL 1.5993 TP 1.5907 exited at 6:47 GMT
Today so far +117, yesterday +151, as shown in details at