GBP/USD 1.5450 - 7 January 2011

GBP/USD Open 1.5448 High 1.5564 Low 1.5405 Close 1.5464

On Thursday Pound/Dollar continued decreasing with around 120 pips, in line with the negative Interbank sentiment at nearly -2%. The Cable depreciated from 1.5564 to 1.5444 yesterday, closing the day at 1.5464. Today the British Pound descended further down to 1.5428. On the 1 hour chart trading is within range, while on the 3 hour chart the downward channel looks intact. First resistance is yesterday's peak at 1.5564. Break above it should extend the bullish movement further towards the 1.5745. The nearest support is today's bottom at 1.5405. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5290. There are no major economic events for UK today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.5629 1.5745 1.5880
Technical support levels: 1.5405 1.5290 1.5171

Trading range: 1.5460 - 1.5390
Trend: Downward
Sell at 1.5450 SL 1.5480 TP 1.5400

Already made +39 pips profit on GBP/USD today from the following signal:
5:32 GMT Sell GBP/USD at 1.5444 SL 1.5470 TP 1.5384, exit sent at 7:19 GMT.
Today so far +99, yesterday +97, as shown in details at http://www.zifx.com/performance.php.

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