GBP/USD 1.6198 - 23 February 2011

GBP/USD Open 1.6156 High 1.6229 Low 1.6100 Close 1.6134

On Tuesday Pound/Dollar also dropped significantly with nearly 230 pips, in converse with the positive Interbank sentiment at nearly +30%. The Cable depreciated from 1.6229 to 1.6100 yesterday, closing the day at 1.6134. Today the British Pound is making another recovery effort, but is moving still within yesterday's range. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is making renewal attempts. First resistance is yesterday's peak at 1.6229. Break above it should extend the bullish movement further towards the 1.6350. The nearest support is yesterday's bottom at 1.6100. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5981. Today is UK BoE meeting minutes at 9:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6229 1.6350 1.6482
Technical support levels: 1.6100 1.5981 1.5857

Trading range: 1.6185 - 1.6260
Trend: Upward
Buy at 1.6198 SL 1.6168 TP 1.6248

Already made +59 pips profit on GBP/USD today from the following signal:
5:29 GMT Buy GBP/USD at 1.6170 SL 1.6144 TP 1.6230, exit sent at 7:07 GMT.
Today so far +133, yesterday +140, as shown in details at