GBP/USD 1.5950 - 18 January 2011

GBP/USD Open 1.5895 High 1.5976 Low 1.5834 Close 1.5883

On Monday Pound/Dollar continued increasing insignificantly with over 120 pips, in line with the positive Interbank sentiment at under +3%. The Cable appreciated from 1.5834 to 1.5956 yesterday, closing the day at 1.5883. Today the British Pound is on the way up again, breaking yesterday's range up to 1.5976. On the 1 hour chart new upward channel has formed, while on the 3 hour chart trading is within wide range. First resistance is today's peak at 1.5976. Break above it should extend the bullish movement further towards the 1.6100. The nearest support is yesterday's bottom at 1.5834. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5720. Today are UK HICP, Retail prices and RPI-X, all at 9:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5976 1.6100 1.6222
Technical support levels: 1.5834 1.5720 1.5600

Trading range: 1.5940 - 1.6010
Trend: Upward
Buy at 1.5950 SL 1.5920 TP 1.6000

Already made +36 pips profit on GBP/USD today from the following signal:
5:30 GMT Buy GBP/USD at 1.5935 SL 1.5909 TP 1.5995, exit sent at 7:48 GMT.
Today so far +146, yesterday +118, as shown in details at