GBP/USD 1.6232 - 21 March 2011

GBP/USD Open 1.6219 High 1.6264 Low 1.6059 Close 1.6231

On Friday Pound/Dollar increased significantly with over 200 pips, recovering further from the earlier losses, in line with the positive Interbank sentiment at over +10%. The Cable appreciated from 1.6059 to 1.6257 on Friday, closing the week at 1.6231. Today the British Pound climbed even further, reaching 1.6264, but in general movements are fractional for now. On the 1 hour chart quotes are moving within wide range, while on the 3 hour chart another range trading has also formed. First resistance is today's peak at 1.6264. Break above it should extend the bullish movement further towards the 1.6380. The nearest support is Friday's bottom at 1.6059. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5939. 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 neutral and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6264 1.6380 1.6500
Technical support levels: 1.6059 1.5939 1.5800

Trading range: 1.6220 - 1.6295
Trend: Upward
Buy at 1.6232 SL 1.6202 TP 1.6282

Already made +43 pips profit on GBP/USD today from the following signal:
6:31 GMT Buy GBP/USD at 1.6210 SL 1.6184 TP 1.6270, exit sent at 7:41 GMT.
Today so far +102, on Friday +135, as shown in details at