GBP/USD 1.6477 - 1 June 2011

GBP/USD Open 1.6462 High 1.6548 Low 1.6422 Close 1.6445

On Tuesday Pound/Dollar decreased significantly with over 120 pips, in converse with the positive Interbank sentiment at nearly +8%. The Cable depreciated from 1.6548 to 1.6422 yesterday, closing the day at 1.6445. Today the British Pound is trading hesitantly and within yesterday's range for the time being. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart trading is within wide range. First resistance is yesterday's peak at 1.6548. Break above it should extend the bullish movement further towards 1.6669. The nearest support is yesterday's bottom and level at 1.6422. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6300. Today are UK CIPS manufacturing index, M4 money supply and the Consumer credit, all at 8:30 GMT. Quotes are moving just above the almost even the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6548 1.6669 1.6800
Technical support levels: 1.6422 1.6300 1.6168

Trading range: 1.6465 - 1.6540
Trend: Upward
Buy at 1.6477 SL 1.6447 TP 1.6527

Already made +10 pips profit on GBP/USD today from the following signal:
7:09 GMT+1 Sell GBP/USD at 1.6448 SL 1.6474 TP 1.6388, exit sent at 7:10 GMT+1.
Today so far +95, yesterday +175, as shown in details at