GBP/USD 1.6030 - 14 February 2011

GBP/USD Open 1.5999 High 1.6113 Low 1.5961 Close 1.6001

On Friday Pound/Dollar decreased significantly with over 150 pips, in converse with the positive Interbank sentiment at nearly +20%. The Cable depreciated from 1.6113 to 1.5961 on Friday, closing the week at 1.6001. Today the British Pound has recovered partially, but it's still moving within Friday's range. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is Friday's peak at 1.6113. Break above it should extend the bullish movement further towards the 1.6231. The nearest support is Friday's bottom at 1.5961. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5850. There are no major economic events for UK today. Quotes have just crossed down the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and quiet, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6113 1.6231 1.6350
Technical support levels: 1.5961 1.5850 1.5728

Trading range: 1.6040 - 1.5970
Trend: Downward
Sell at 1.6030 SL 1.6060 TP 1.5980

Already made +26 pips profit on GBP/USD today from the following signal:
6:35 GMT Buy GBP/USD at 1.6052 SL 1.6026 TP 1.6112, exit sent at 7:15 GMT.
Today so far +78, on Friday +124, as shown in details at