GBP/USD 1.6170 - 16 June 2011

GBP/USD Open 1.6190 High 1.6385 Low 1.6143 Close 1.6191

On Wednesday Pound/Dollar also sank with almost 220 pips, in line with the negative Interbank sentiment at almost -14%. The Cable depreciated from 1.6385 to 1.6166 yesterday, closing the day at 1.6191. Today the British Pound continued descending, dropping down to 1.6143. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart trading is within wide range. First resistance is yesterday's peak at 1.6385. Break above it should extend the bullish movement further towards 1.6500. The nearest support level is today's bottom at 1.6143. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6020. Today is UK Retail sales at 8:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6385 1.6500 1.6638
Technical support levels: 1.6143 1.6020 1.5890

Trading range: 1.6180 - 1.6110
Trend: Downward
Sell at 1.6170 SL 1.6200 TP 1.6120

Already made +41 pips profit on GBP/USD today from the following signal:
5:27 GMT+1 Sell GBP/USD at 1.6208 SL 1.6234 TP 1.6148, TP reached at 8:09 GMT+1.
Today so far +140, yesterday +191, as shown in details at