GBP/USD 1.6317 - 2 June 2011

GBP/USD Open 1.6335 High 1.6497 Low 1.6304 Close 1.6331

On Wednesday Pound/Dollar decreased significantly with 180 pips, in converse with the positive Interbank sentiment at above +8%. The Cable depreciated from 1.6497 to 1.6314 yesterday, closing the day at 1.6331. Today the British Pound weakend further, dropping down to 1.6304. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart trading is within wide range. First resistance is yesterday's peak at 1.6497. Break above it should extend the bullish movement further towards 1.6618. The nearest support is yesterday's bottom and level at 1.6304. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6190. There are no major economic events for UK today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6497 1.6618 1.6750
Technical support levels: 1.6304 1.6190 1.6057

Trading range: 1.6330 - 1.6255
Trend: Downward
Sell at 1.6317 SL 1.6347 TP 1.6267

Already made +25 pips profit on GBP/USD today from the following signal:
5:26 GMT+1 Buy GBP/USD at 1.6331 SL 1.6305 TP 1.6391, exit sent at 7:19 GMT+1.
Today so far +89, yesterday +102, as shown in details at