GBP/USD 1.6221 - 21 February 2011

GBP/USD Open 1.6243 High 1.6263 Low 1.6146 Close 1.6248

On Friday Pound/Dollar continued increasing with almost 120 pips, in line with the positive Interbank sentiment at above +17%. The Cable appreciated from 1.6146 to 1.6263 on Friday, closing the week at 1.6248. Today the British Pound is moving hesitantly and within Friday's range for now. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is trying to resume. First resistance is Friday's peak at 1.6263. Break above it should extend the bullish movement further towards the 1.6379. The nearest support is Friday's bottom at 1.6146. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6020. There are no major economic events for UK today. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6263 1.6379 1.6500
Technical support levels: 1.6146 1.6020 1.5900

Trading range: 1.6210 - 1.6285
Trend: Upward
Buy at 1.6221 SL 1.6191 TP 1.6271

Already made +23 pips profit on GBP/USD today from the following signal:
6:11 GMT Buy GBP/USD at 1.6226 SL 1.6200 TP 1.6286, exit sent at 6:58 GMT.
Today so far +85, on Friday +94, as shown in details at