GBP/USD 1.5553 - 6 January 2011

GBP/USD Open 1.5508 High 1.5629 Low 1.5448 Close 1.5511

On Wednesday Pound/Dollar decreased significantly with around 180 pips, in converse with the positive Interbank sentiment at nearly +4%. The Cable depreciated from 1.5629 to 1.5448 yesterday, closing the day at 1.5511. Today the British Pound is moving quietly for the time being. 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 1.5629. Break above it should extend the bullish movement further towards the 1.5745. The nearest support is yesterday's bottom at 1.5448. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5332. Today's UK CIPS services index at 9:30 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5629 1.5745 1.5880
Technical support levels: 1.5448 1.5332 1.5200

Trading range: 1.5565 - 1.5490
Trend: Downward
Sell at 1.5553 SL 1.5583 TP 1.5503

Already made +13 pips profit on GBP/USD today from the following signal:
7:29 GMT Buy GBP/USD at 1.5530 SL 1.5504 TP 1.5590, exit sent at 7:37 GMT.
Today so far +97, yesterday +157, as shown in details at http://www.zifx.com/performance.php.

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