GBP/USD 1.6066 - 14 March 2011

GBP/USD Open 1.6067 High 1.6106 Low 1.5976 Close 1.6229

On Friday Pound/Dollar decreased first, than recovered back up with over 100 pips, in line with the positive Interbank sentiment at above +5%. The Cable appreciated from 1.5976 to 1.6092 on Friday, closing the week at 1.6229. Today the British Pound strengthened further, reaching up to 1.6106. On the 1 hour chart quotes are moving at the lower side of a wide range, while on the 3 hour chart the upward channel is on hold. First resistance is today's peak at 1.6106. Break above it should extend the bullish movement further towards the 1.6229. The nearest support is Friday's bottom at 1.5976. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5860. There are no major economic events for UK today. Quotes are moving above the 20 and just bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term neutral bearish pressure. The value of the RSI indicator is neutral and declining, MACD is neutral and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6106 1.6229 1.6340
Technical support levels: 1.5976 1.5860 1.5732

Trading range: 1.6080 - 1.6005
Trend: Downward
Sell at 1.6066 SL 1.6096 TP 1.6016

Already made +35 pips profit on GBP/USD today from the following signal:
6:00 GMT Sell GBP/USD at 1.6061 SL 1.6087 TP 1.6001, exit sent at 7:34 GMT.
Today so far +123, on Friday +172, as shown in details at