GBP/USD Technical Analysis 29 July 2010

GBP/USD 1.5612 – 29 July 2010

On Wednesday Pound/Dollar continued with slight ascending, in line with the positive Interbank sentiment at around +13%. The Cable appreciated from 1.5567 to 1.5634 yesterday, closing the day at 1.5597. Today the pair is moving hesitantly for now. On the 1 hour chart the upward channel has resumed, while on the 3 hour chart the upward channel is intact. First resistance is yesterday’s peak at 1.5634. Break above it should extend the bullish movement further towards 1.5750. The nearest support is yesterday’s bottom at 1.5567. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5445. Today are the UK Nationwide house price index, UK M4 money supply, and UK Consumer credit at 6 and 8:30 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and climbing, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5634 1.5750 1.5868
Technical support levels: 1.5567 1.5445 1.5330

Already made +13 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Sell GBP/USD at 1.5614 SL 1.5640 TP 1.5554 exit sent 6:59 GMT+1.
Today so far +66, yesterday +129, as shown in details here.

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