GBP/USD 1.6005 - 19 January 2011

GBP/USD Open 1.5956 High 1.6060 Low 1.5897 Close 1.5958

On Tuesday Pound/Dollar continued increasing insignificantly with over 160 pips, in line with the positive Interbank sentiment at under +2%. The Cable appreciated from 1.5897 to 1.6060 yesterday, closing the day at 1.5958. Today the British Pound is making unconvincing push ups again, but movements are still within yesterday's range. On the 1 hour chart the upward channel is intact, while on the 3 hour chart trading is at the upper side of the wide range. First resistance is yesterday's peak at 1.6060. Break above it should extend the bullish movement further towards the 1.6172. The nearest support is yesterday's bottom at 1.5897. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5780. Today are UK Claimant count, Average earnings and ILO Jobless rate, all at 9:30 GMT. Quotes are moving 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 calm, MACD is positive and quiet too, while CCI is in line with the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6060 1.6172 1.6300
Technical support levels: 1.5897 1.5780 1.5658

Trading range: 1.5995 - 1.6065
Trend: Upward
Buy at 1.6005 SL 1.5975 TP 1.6055

Already made +33 pips profit on GBP/USD today from the following signal:
5:30 GMT Buy GBP/USD at 1.6005 SL 1.5979 TP 1.6065, exit sent at 7:34 GMT.
Today so far +134, yesterday +176, as shown in details at