GBP/USD 1.6276 - 10 June 2011

GBP/USD Open 1.6362 High 1.6467 Low 1.6259 Close 1.6360

On Thursday Pound/Dollar continued decreasing with 110 pips, as BoE kept rates unchanged, in line with the negative Interbank sentiment at bellow -15%. The Cable depreciated from 1.6467 to 1.6356 yesterday, closing the day at 1.6360. Today the British Pound weakened even further, descending down to 1.6259. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is within wider range. First resistance is yesterday's peak at 1.6467. Break above it should extend the bullish movement further towards 1.6580. The nearest support is today's bottom and level at 1.6259. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6140. Today are UK Industrial production, Manufacturing output and PPI, at 8 and 8:30 GMT respectively. Quotes are moving way bellow the 20 and 50 EMA on the 1 hour chart, indicating strong bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6467 1.6580 1.6700
Technical support levels: 1.6259 1.6140 1.5900

Trading range: 1.6290 - 1.6215
Trend: Downward
Sell at 1.6276 SL 1.6306 TP 1.6226

Already made +60 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6334 SL 1.6360 TP 1.6274, TP reached at 8:17 GMT+1.
Today so far +146, yesterday +99, as shown in details at