GBP/USD 1.6172 - 2 February 2011

GBP/USD Open 1.6132 High 1.6196 Low 1.6023 Close 1.6136

On Tuesday Pound/Dollar increased with over 140 pips, in line with the positive Interbank sentiment at nearly +9%. The Cable appreciated from 1.6023 to 1.6165, closing the day at 1.6136. Today the British Pound strengthened further up to 1.6196. On the 1 hour chart new upward channel is forming, while on the 3 hour chart the upward channel has renewed. First resistance is today's peak at 1.6196. Break above it should extend the bullish movement further towards the 1.6318. The nearest support is yesterday's bottom at 1.6023. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5900. There are no major economic events for UK today. 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 tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6196 1.6318 1.6450
Technical support levels: 1.6023 1.5900 1.5773

Trading range: 1.6160 - 1.6235
Trend: Upward
Buy at 1.6172 SL 1.6142 TP 1.6222

Already made +36 pips profit on GBP/USD today from the following signal:
5:33 GMT Buy GBP/USD at 1.6159 SL 1.6133 TP 1.6219, exit sent at 8:13 GMT.
Today so far +77, yesterday +154, as shown in details at