GBP/USD 1.5957 - 7 January 2010

GBP/USD Open 1.6019 High 1.6153 Low 1.5945 Close 1.6015

Pound/Dollar made a significant downward momentum from the beginning of this week with over 300 pips, forming new short term downward channel on the 15 minutes chart. On Wednesday the Cable traded within the narrow 1.6065 - 1.5949 range, closing the day at 1.6015. Our preferable scenario today is downwards with targets towards 1.5847 as the bulls show weakness at this stage. We will, however, look for a significant break out of the 1.5848 - 1.6228 range on the 3 hour chart, to get clearer movement direction. Immediate resistance is yesterday's top 1.6065. The nearest support is today's bottom at 1.5930, the breach of which may extent the current bearish impulse. The CCI indicator is negative on the 1 hour chart, suggesting descending pressure.
Technical resistance levels: 1.6065 1.6153 1.6239
Technical support levels: 1.5930 1.5847 1.5738

Already made +58 pips profit on GBP/USD today from the following signal:
5:32 GMT Sell GBP/USD at 1.5989 SL 1.6015 TP 1.5929 exited at 7:55 GMT
Today so far +172, yesterday +117, as shown in details at