GBP/USD 1.6340 - 14 April 2011

GBP/USD Open 1.6272 High 1.6366 Low 1.6236 Close 1.6267

On Wednesday Pound/Dollar was moving within a narrow 75 pip range, in line with the morning Interbank sentiment at over +16%. The Cable depreciated from 1.6310 to 1.6236 yesterday, than went up again, closing the day at 1.6267. Today the British Pound commenced a major recovery, climbing up to 1.6366. On the 1 hour chart the upward channel is making renewal efforts, while on the 3 hour chart quotes are still held within the wide trading range. First resistance is today's peak at 1.6366. Break above it should extend the bullish movement further towards the 1.6500. The nearest support is yesterday's bottom at 1.6236. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6100. There are no major economic events for UK today. Quotes are moving above the almost even 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is thinly positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6366 1.6500 1.6629
Technical support levels: 1.6236 1.6100 1.5978

Trading range: 1.6330 - 1.6400
Trend: Upward
Buy at 1.6340 SL 1.6310 TP 1.6390

Already made +60 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6295 SL 1.6269 TP 1.6355, TP reached at 7:16 GMT+1.
Today so far +172, yesterday +125, as shown in details at