GBP/USD 1.6260 - 19 April 2011

GBP/USD Open 1.6258 High 1.6330 Low 1.6164 Close 1.6262

On Monday Pound/Dollar decreased sharply with with 165 pips, in converse with the positive Interbank sentiment at over +5%. The Cable depreciated from 1.6330 to 1.6164 yesterday, closing the day at 1.6262. Today the British Pound is moving anxiety-free, and within yesterday's range for now. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are moving within wide range. First resistance is yesterday's peak at 1.6330. Break above it should extend the bullish movement further towards the 1.6450. The nearest support is yesterday's bottom at 1.6164. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6048. There are no major economic events for UK today. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is positive and hesitant, MACD is negative and quiet, while CCI is in line the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6330 1.6450 1.6577
Technical support levels: 1.6164 1.6048 1.5926

Trading range: 1.6270 - 1.6200
Trend: Downward
Sell at 1.6260 SL 1.6290 TP 1.6210

Already made +26 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6254 SL 1.6280 TP 1.6194, exit sent at 7:14 GMT+1.
Today so far +63, yesterday +121, as shown in details at