GBP/USD 1.6267 - 18 April 2011

GBP/USD Open 1.6310 High 1.6374 Low 1.6241 Close 1.6322

On Friday Pound/Dollar decreased with with nearly 90 pips, in converse with the positive Interbank sentiment at almost +10%. The Cable appreciated from 1.6374 to 1.6286 on Friday, closing the week at 1.6322. Today the British Pound sank, reaching down to 1.6241. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are still held within wide range. First resistance is Friday's peak at 1.6374. Break above it should extend the bullish movement further towards the 1.6500. The nearest support is today's bottom at 1.6241. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6118. There are no major economic events for UK today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6374 1.6500 1.6629
Technical support levels: 1.6241 1.6118 1.6000

Trading range: 1.6285 - 1.6215
Trend: Downward
Sell at 1.6275 SL 1.6305 TP 1.6225

Already made +38 pips profit on GBP/USD today from the following signal:
6:52 GMT+1 Sell GBP/USD at 1.6278 SL 1.6304 TP 1.6218, exit sent at 8:33 GMT+1.
Today so far +121, on Friday +129, as shown in details at