GBP/USD 1.6372 - 11 May 2011

GBP/USD Open 1.6367 High 1.6418 Low 1.6315 Close 1.6364

On Tuesday Pound/Dollar traded with a slight decline, in converse with the neutral Interbank sentiment at almost +2%. The Cable depreciated from 1.6418 to 1.6315 yesterday, closing the day at 1.6364. Today the British Pound is trading neutrally, with movements within yesterday's range for the time being. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the upward channel was broken downwards. First resistance is yesterday's peak at 1.6418. Break above it should extend the bullish movement further towards the 1.6552. The nearest support is yesterday's bottom at 1.6315. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6200. Today are UK Trade in goods, Non-EU trade and BoE quarterly inflation report, at 8:30 and 9:30 GMT respectively. Quotes are moving almost in line with close 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and hesitant, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6418 1.6552 1.6700
Technical support levels: 1.6315 1.6200 1.6072

Trading range: 1.6385 - 1.6310
Trend: Downward
Sell at 1.6372 SL 1.6402 TP 1.6322

Already made +20 pips profit on GBP/USD today from the following signal:
5:29 GMT+1 Sell GBP/USD at 1.6365 SL 1.6391 TP 1.6305, exit sent at 6:33 GMT+1.
Today so far +90, yesterday +164, as shown in details at