GBP/USD 1.5728 - 9 December 2010

GBP/USD Open 1.5790 High 1.5837 Low 1.5667 Close 1.5801

On Wednesday Pound/Dollar increased after the initial expected descend in the morning, in line with the positive Interbank sentiment at over +15%. The Cable appreciated from 1.5667 to 1.5837 yesterday, closing the day at 1.5801. Today the British Pound is trading hesitantly and without clear direction for now. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart the downward channel is making resuming efforts. First resistance is yesterday's peak at 1.5837. Break above it should extend the bullish movement further towards the 1.5950. The nearest support is yesterday's bottom at 1.5667. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5550. Today are the UK Trade in goods, Non-EU trade and BoE meeting announcement, at 9:30 and 12 GMT respectively. Quotes have just crossed down the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and slightly dropping too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5837 1.5950 1.6077
Technical support levels: 1.5667 1.5550 1.5423

Trading range: 1.5810 - 1.5735
Trend: Downward
Sell at 1.5797 SL 1.5827 TP 1.5747

Already made +49 pips profit on GBP/USD today from the following signal:
5:35 GMT Sell GBP/USD at 1.5829 SL 1.5855 TP 1.5769, exit sent at 8:56 GMT.
Today so far +130, yesterday +140, as shown in details at