GBP/USD 1.6333 - 22 March 2011

GBP/USD Open 1.6306 High 1.6352 Low 1.6202 Close 1.6298 

On Monday Pound/Dollar increased with almost 130 pips, recovering further from last week's losses, in line with the positive Interbank sentiment at nearly +13%. The Cable appreciated from 1.6202 to 1.6329 yesterday, closing the day at 1.6298. Today the British Pound strengthened further up to 1.6352. On the 1 hour chart quotes are moving within wide range, while on the 3 hour chart range trading has also formed. First resistance is yesterday's peak at 1.6352. Break above it should extend the bullish movement further towards the 1.6480. The nearest support is yesterday's bottom at 1.6202. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6079. Today are UK HICP, Retail prices, RPI-X, PSNCR, PSNB and CBI, at 9:30 and 11 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6352 1.6480 1.6600
Technical support levels: 1.6202 1.6079 1.5950

Trading range: 1.6320 - 1.6395
Trend: Upward
Buy at 1.6333 SL 1.6303 TP 1.6383

Already made +53 pips profit on GBP/USD today from the following signal:
5:29 GMT Buy GBP/USD at 1.6299 SL 1.6273 TP 1.6359, exit sent at 8:25 GMT.
Today so far +75, yesterday +102, as shown in details at