GBP/USD Technical Analysis 9 August 2010

On Friday Pound/Dollar continued resumed ascending, in line with the positive Interbank sentiment at nearly +20%. The Cable appreciated from 1.5847 to 1.5990 on Friday, closing the week at 1.5937. Today the pair is moving tentatively for now. On the 1 hour chart the upward channel is renewed, while on the 3 hour chart the upward channel looks good. First resistance is Friday's peak at 1.5990. Break above it should extend the bullish movement further towards 1.6021. The nearest support is Friday's bottom at 1.5847. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5735. There are no major economic events for UK today. Quotes are moving 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 positive and declining, MACD is positive and calm, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall light short signals.Technical resistance levels: 1.5990 1.6021 1.6150Technical support levels: 1.5847 1.5735 1.5600

Trading range: 1.5970 - 1.5895Trend: DownwardSell at 1.5958 SL 1.5988 TP 1.5908

Already made +23 pips profit on GBP/USD today from the following signal:5:33 GMT+1 Buy GBP/USD at 1.5971 SL 1.5945 TP 1.6031 exit sent 7:07 GMT+1.Today so far +77, on Friday +89, as shown in details at http://www.zifx.com/performance.php.