GBP/USD Technical Analysis 30 July 2010

GBP/USD 1.5616 – 30 July 2010

On Thursday Pound/Dollar continued with slight ascending, in line with the positive Interbank sentiment at nearly +22%, than dropped, losing the earlier gains. The Cable depreciated from 1.5659 to 1.5580 yesterday, closing the day at 1.5609. 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 yesterday’s peak at 1.5659. Break above it should extend the bullish movement further towards 1.5750. The nearest support is yesterday’s bottom at 1.5580. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5445. There are no major economic events for UK today. Quotes are moving about in line with the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and declining, MACD is neutral and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.5659 1.5750 1.5868
Technical support levels: 1.5580 1.5445 1.5330

Already made +45 pips profit on GBP/USD today from the following signal:
5:34 GMT+1 Buy GBP/USD at 1.5612 SL 1.5586 TP 1.5672 exit sent 7:55 GMT+1.
Today so far +148, yesterday +107, as shown in details here.

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