GBP/USD 1.5964 - 20 January 2011

GBP/USD Open 1.5972 High 1.6038 Low 1.5908 Close 1.5993

On Wednesday Pound/Dollar continued increasing insignificantly with just over 100 pips, in line with the positive Interbank sentiment at over +2%. The Cable appreciated from 1.5929 to 1.6038 yesterday, later losing the gains, and closing the day at 1.5993. Today the British Pound weakness stretched further down to 1.5908. 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 1.6038. Break above it should extend the bullish movement further towards the 1.6150. The nearest support is today's bottom at 1.5908. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5800. Today is the UK CBI industrial order balance at 11 GMT. Quotes have just crossed up the 20 and are moving bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is negative and rising, MACD is negative and quiet, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6038 1.6150 1.6273
Technical support levels: 1.5908 1.5800 1.5682

Trading range: 1.5950 - 1.6025
Trend: Upward
Buy at 1.5964 SL 1.5934 TP 1.6014

Already made +50 pips profit on GBP/USD today from the following signal:
5:36 GMT Buy GBP/USD at 1.5929 SL 1.5903 TP 1.5989, exit sent at 8:40 GMT.
Today so far +138, yesterday +135, as shown in details at