GBP/USD 1.6121 - 18 March 2011

GBP/USD Open 1.6148 High 1.6192 Low 1.5978 Close 1.6140

On Thursday Pound/Dollar increased significantly with almost 200 pips, recovering from all earlier week's losses, in line with the positive Interbank sentiment at just under +10%. The Cable appreciated from 1.5978 to 1.6172 yesterday, closing the day at 1.6140. Today the British Pound climbed even further, reaching 1.6192, but in general movements are fractional. On the 1 hour chart quotes are moving within wide range, while on the 3 hour chart another range trading has also formed. First resistance is today's peak at 1.6192. Break above it should extend the bullish movement further towards the 1.6313. 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. There are no major economic events for UK today. Quotes are moving bellow the 20 and above 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6192 1.6313 1.6450
Technical support levels: 1.5978 1.5850 1.5716

Trading range: 1.6110 - 1.6185
Trend: Upward
Buy at 1.6121 SL 1.6091 TP 1.6171

Already made +30 pips profit on GBP/USD today from the following signal:
5:32 GMT Buy GBP/USD at 1.6158 SL 1.6132 TP 1.6218, exit sent at 7:15 GMT.
Today so far +116, yesterday +135, as shown in details at