GBP/USD 1.5918 - 21 January 2011

GBP/USD Open 1.5906 High 1.6010 Low 1.5836 Close 1.5893

On Thursday Pound/Dollar decreased insignificantly with just over 140 pips, in converse with the positive Interbank sentiment at over +2%. The Cable depreciated from 1.6010 to 1.5836 yesterday, closing the day at 1.5993. Today the British Pound is making recovery efforts, but unconvincing for now. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart trading is at the upper side of the wide range. First resistance is yesterday's peak at 1.6010. Break above it should extend the bullish movement further towards the 1.6150. The nearest support is yesterday's bottom at 1.5836. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5700. Today is the UK Retail sales at 9:30 GMT. Quotes are moving above the 20 and 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 positive and inclining upwards, MACD is negative and rising, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6010 1.6150 1.6273
Technical support levels: 1.5836 1.5700 1.5584

Trading range: 1.5905 - 1.5980
Trend: Upward
Buy at 1.5918 SL 1.5888 TP 1.5968

Already made +40 pips profit on GBP/USD today from the following signal:
5:32 GMT Buy GBP/USD at 1.5905 SL 1.5879 TP 1.5965, exit sent at 8:08 GMT.
Today so far +158, yesterday +141, as shown in details at