GBP/USD 1.6065 - 10 February 2011

GBP/USD Open 1.6095 High 1.6126 Low 1.6031 Close 1.6098

On Wednesday Pound/Dollar increased insignificantly with almost 100 pips, in line with the positive Interbank sentiment at nearly +20%. The Cable appreciated from 1.6031 to 1.6126 yesterday, closing the day at 1.6098. Today the British Pound is showing weakness, but it's still within yesterday's range for now. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is yesterday's peak at 1.6126. Break above it should extend the bullish movement further towards the 1.6243. The nearest support is yesterday's bottom at 1.6031. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5910. Today are UK Industrial production, Manufacturing output, and BoE meeting announcement at 9:30 and 12 GMT respectively. Quotes are moving bellow 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 neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6126 1.6243 1.6370
Technical support levels: 1.6031 1.5910 1.5800

Trading range: 1.6075 - 1.6005
Trend: Downward
Sell at 1.6065 SL 1.6095 TP 1.6015

Already made +22 pips profit on GBP/USD today from the following signal:
7:32 GMT Sell GBP/USD at 1.6073 SL 1.6099 TP 1.6013, exit sent at 8:21 GMT.
Today so far +68, yesterday +105, as shown in details at target=_blank>here.