GBP/USD 1.5830 - 14 January 2011

GBP/USD Open 1.5837 High 1.5884 Low 1.5716 Close 1.5833

On Thursday Pound/Dollar continued increasing with around 170 pips, in line with the positive Interbank sentiment at around +8%. The Cable appreciated from 1.5716 to 1.5884 yesterday, closing the day at 1.5833. Today the British Pound is trading quietly and without clear direction for now. On the 1 hour chart new upward channel has formed, while on the 3 hour chart the downward channel was broken upwards. First resistance is yesterday's peak at 1.5884. Break above it should extend the bullish movement further towards the 1.6000. The nearest support is yesterday's bottom at 1.5716. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5600. Today are UK PPI Output and Input at 9:30 GMT. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and dropping, MACD is positive and declining, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.5884 1.6000 1.6119
Technical support levels: 1.5716 1.5600 1.5486

Trading range: 1.5820 - 1.5890
Trend: Upward
Buy at 1.5830 SL 1.5800 TP 1.5880

Already made +31 pips profit on GBP/USD today from the following signal:
5:31 GMT Buy GBP/USD at 1.5835 SL 1.5809 TP 1.5895, exit sent at 7:04 GMT.
Today so far +121, yesterday +149, as shown in details at