GBP/USD 1.6060 - 11 March 2011

GBP/USD Open 1.6063 High 1.6214 Low 1.6024 Close 1.6057

On Thursday Pound/Dollar continued decreasing significantly with around 220 pips, in converse with the positive Interbank sentiment at over +8%. The Cable depreciated from 1.6036 to 1.6036 yesterday, closing the day at 1.6057. Today the British Pound weakened further, reaching down to 1.6024. On the 1 hour chart quotes are moving at the lower side of a wide range, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.6214. Break above it should extend the bullish movement further towards the 1.6340. The nearest support is today's bottom at 1.6024. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5900. Today are UK PPI Output and Input, both at 9:30 GMT. 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 neutral and hesitant, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6214 1.6340 1.6465
Technical support levels: 1.6024 1.5900 1.5778

Trading range: 1.6070 - 1.6000
Trend: Downward
Sell at 1.6060 SL 1.6090 TP 1.6010

Already made +48 pips profit on GBP/USD today from the following signal:
5:30 GMT Sell GBP/USD at 1.6072 SL 1.6098 TP 1.6012, exit sent at 8:00 GMT.
Today so far +172, yesterday +142, as shown in details at