GBP/USD 1.6148 - 16 February 2011

GBP/USD Open 1.6128 High 1.6186 Low 1.6006 Close 1.6123

On Tuesday Pound/Dollar commenced a major recovery, in line with the positive Interbank sentiment at nearly +17%. The Cable appreciated from 1.6006 to 1.6178 yesterday, closing the day at 1.6123. Today the British Pound is strengthened even further up to 1.6186. On the 1 hour chart the upward channel is trying to resume, while on the 3 hour chart the upward channel has renewed. First resistance is today's peak at 1.6186. Break above it should extend the bullish movement further towards the 1.6300. The nearest support is yesterday's bottom at 1.6006. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5885. Today are UK Claimant count, Average earnings, ILO Jobless rate and BoE quarterly inflation report and, at 9:30 and 10 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure with last warning red candle. The value of the RSI indicator is neutral and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6186 1.6300 1.6429
Technical support levels: 1.6006 1.5885 1.5759

Trading range: 1.6135 - 1.6210
Trend: Upward
Buy at 1.6148 SL 1.6118 TP 1.6198

Already made +15 pips profit on GBP/USD today from the following signal:
6:50 GMT Buy GBP/USD at 1.6171 SL 1.6145 TP 1.6231, exit sent at 6:52 GMT.
Today so far +49, yesterday +151, as shown in details at