GBP/USD 1.5873 - 17 January 2011

GBP/USD Open 1.5877 High 1.5890 Low 1.5808 Close 1.5864

On Friday Pound/Dollar continued increasing insignificantly with around 80 pips, in converse with the negative Interbank sentiment at under -9%. The Cable appreciated from 1.5808 to 1.5890 on Friday, closing the week at 1.5864. Today the British Pound is trading quietly and still within Friday's range. On the 1 hour chart new upward channel has formed, while on the 3 hour chart trading is within wide range. First resistance is Friday's peak at 1.5890. Break above it should extend the bullish movement further towards the 1.6000. The nearest support is Friday's bottom at 1.5808. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5690. There are no major economic events for UK today. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral 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: 1.5890 1.6000 1.6119
Technical support levels: 1.5808 1.5690 1.5572

Trading range: 1.5885 - 1.5810
Trend: Downward
Sell at 1.5873 SL 1.5903 TP 1.5823

Already made +33 pips profit on GBP/USD today from the following signal:
6:14 GMT Sell GBP/USD at 1.5867 SL 1.5893 TP 1.5807, exit sent at 7:07 GMT.
Today so far +118, on Friday +134, as shown in details at