GBP/USD 1.6210 - 16 May 2011

GBP/USD Open 1.6173 High 1.6310 Low 1.6144 Close 1.6191

On Friday Pound/Dollar resumed decreasing with 175 pips, in converse with the neutral Interbank sentiment at under +1%. The Cable depreciated from 1.6310 to 1.6144 on Friday, closing the week at 1.6191. Today the British Pound is trading quietly and within Friday's range for now. On the 1 hour chart the downward channel has renewed, while on the 3 hour chart new downward channel has emerged. First resistance is Friday's peak at 1.6310. Break above it should extend the bullish movement further towards the 1.6433. The nearest support is Friday's bottom and level at 1.6144. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6020. There are no major economic events for UK today. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish market. The value of the RSI indicator is positive and inclining upwards, MACD is negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6310 1.6433 1.6570
Technical support levels: 1.6144 1.6020 1.5900

Trading range: 1.6220 - 1.6150
Trend: Downward
Buy at 1.6210 SL 1.6240 TP 1.6160

Already made +14 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6185 SL 1.6211 TP 1.6125, exit sent at 6:04 GMT+1.
Today so far +66, on Friday +111, as shown in details at