GBP/USD 1.6267 - 13 June 2011

GBP/USD Open 1.6223 High 1.6385 Low 1.6206 Close 1.6221

On Friday Pound/Dollar also continued decreasing significantly with 180 pips. The Cable depreciated from 1.6385 to 1.6206 on Friday, closing the week at 1.6360. Today the British Pound is making recovery attempts, but movements are still within Friday's range for the time being. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart trading is within wide range. First resistance is Friday's peak at 1.6385. Break above it should extend the bullish movement further towards 1.6500. The nearest support level is Friday's bottom at 1.6206. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6182. There are no major economic events for UK today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6385 1.6500 1.6633
Technical support levels: 1.6206 1.6182 1.6050

Trading range: 1.6255 - 1.6330
Trend: Upward
Buy at 1.6267 SL 1.6237 TP 1.6317

Already made +5 pips profit on GBP/USD today from the following signal:
5:29 GMT+1 Sell GBP/USD at 1.6229 SL 1.6255 TP 1.6169, exit sent at 5:32 GMT+1.
Today so far +73, on Friday +146, as shown in details