GBP/USD 1.6053 - 17 March 2011

GBP/USD Open 1.5995 High 1.6132 Low 1.5978 Close 1.5981

On Wednesday Pound/Dollar decreased significantly with over 150 pips, as Dollar strengthened across the board, in converse with the positive Interbank sentiment at above +8%. The Cable depreciated from 1.6132 to 1.5978 yesterday, closing the day at 1.5981. Today the British Pound is making recovery attempts, but it's still moving 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 movements are within range too. First resistance is yesterday's peak at 1.6132. Break above it should extend the bullish movement further towards the 1.6262. The nearest support is yesterday's bottom at 1.5978. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5850. Today are UK CBI industrial order books and output balance, both at 11 GMT. Quotes have moved just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and quiet, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6132 1.6262 1.6400
Technical support levels: 1.5978 1.5850 1.5716

Trading range: 1.6040 - 1.6115
Trend: Upward
Buy at 1.6053 SL 1.6023 TP 1.6103

Already made +21 pips profit on GBP/USD today from the following signal:
5:32 GMT Sell GBP/USD at 1.6039 SL 1.6065 TP 1.5979, exit sent at 6:49 GMT.
Today so far +135, yesterday +111, as shown in details at