GBP/USD 1.6148 - 19 May 2011

GBP/USD Open 1.6159 High 1.6289 Low 1.6104 Close 1.6165

On Wednesday Pound/Dollar also dropped sharply with over 180 pips, in line with the negative Interbank sentiment at bellow -1%. The Cable depreciated from 1.6289 to 1.6104 yesterday, closing the day at 1.6165. Today the British Pound is trading quietly, with movements within yesterday's range for now. On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the new downward channel looks good. First resistance is yesterday's peak at 1.6289. Break above it should extend the bullish movement further towards the 1.6400. The nearest support is yesterday's bottom and level at 1.6104. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5990. Today are UK Retail sales, and CBI industrial order books and output balance, at 8:30 and 10 GMT respectively. Quotes have crossed down bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6289 1.6400 1.6529
Technical support levels: 1.6104 1.5990 1.5858

Trading range: 1.6160 - 1.6085
Trend: Downward
Sell at 1.6148 SL 1.6178 TP 1.6098

Already made +4 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6182 SL 1.6156 TP 1.6242, exit sent at 5:31 GMT+1.
Today so far +49, yesterday +94, as shown in details at