GBP/USD 1.6337 - 11 April 2011

GBP/USD Open 1.6370 High 1.6439 Low 1.6314 Close 1.6374

On Friday Pound/Dollar traded with an increase of 125 pips, in line with the positive Interbank sentiment at almost +12%. The Cable appreciated from 1.6314 to 1.6439 on Friday, closing the week at 1.6374. Today the British Pound is showing weakness, but movements are within Friday's range for now. On the 1 hour chart quotes have broken up of the trading range, while on the 3 hour chart quotes are also testing the upper limit of the wide range. First resistance is Friday's peak at 1.6439. Break above it should extend the bullish movement further towards the 1.6550. The nearest support is Friday's bottom at 1.6314. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6200. There are no major economic events for UK today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, 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: 1.6439 1.6550 1.6687
Technical support levels: 1.6314 1.6200 1.6072

Trading range: 1.6350 - 1.6275
Trend: Downward
Sell at 1.6337 SL 1.6367 TP 1.6287

Already made +15 pips profit on GBP/USD today from the following signal:
7:38 GMT+1 Buy GBP/USD at 1.6339 SL 1.6313 TP 1.6399, exit sent at 7:49 GMT+1.
Today so far +61, on Friday +113, as shown in details at