GBP/USD 1.6363 - 15 June 2011

GBP/USD Open 1.6372 High 1.6455 Low 1.6326 Close 1.6368

On Tuesday Pound/Dollar continued recovering less with 100 pips, in converse with the negative Interbank sentiment at bellow -11%. The Cable appreciated from 1.6353 to 1.6455 yesterday, closing the day at 1.6368. Today the British Pound commenced correcting downwards, dropping down to 1.6326. On the 1 hour chart new range trading has emerged, while on the 3 hour chart trading is within wider range. First resistance is yesterday's peak at 1.6455. Break above it should extend the bullish movement further towards 1.6569. The nearest support level is today's bottom at 1.6326. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6230. Today are UK Claimant count, Average earnings and ILO Jobless rate, all at 8:30 GMT. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6455 1.6569 1.6700
Technical support levels: 1.6326 1.6200 1.6067

Trading range: 1.6375 - 1.6300
Trend: Downward
Sell at 1.6363 SL 1.6393 TP 1.6313

Already made +41 pips profit on GBP/USD today from the following signal:
5:29 GMT+1 Sell GBP/USD at 1.6367 SL 1.6393 TP 1.6307, exit sent at 7:27 GMT+1.
Today so far +153, yesterday +91, as shown in details at