GBP/USD 1.6056 - 15 March 2011

GBP/USD Open 1.6169 High 1.6200 Low 1.6026 Close 1.6170

On Monday Pound/Dollar decreased first, than strongly climbed with 175 pips, in line with the positive Interbank sentiment at above +9%. The Cable appreciated from 1.6026 to 1.6200 yesterday, closing the day at 1.6170. Today the British Pound lost some ground, but within yesterday's range for the time being. 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 has slowed down. First resistance is yesterday's peak at 1.6200. Break above it should extend the bullish movement further towards the 1.6332. The nearest support is yesterday's bottom at 1.6026. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5900. Today was UK Nationwide consumer confidence, already passed at 0:01 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure, with last warning green candle. The value of the RSI indicator is negative and calm, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6200 1.6332 1.6450
Technical support levels: 1.6026 1.5900 1.5767

Trading range: 1.6045 - 1.6120
Trend: Upward
Buy at 1.6056 SL 1.6026 TP 1.6106

Already made +21 pips profit on GBP/USD today from the following signal:
5:30 GMT Buy GBP/USD at 1.6118 SL 1.6092 TP 1.6178, exit sent at 6:58 GMT.
Today so far +134, yesterday +123, as shown in details at