GBP/USD 1.6349 - 23 March 2011

GBP/USD Open 1.6357 High 1.6401 Low 1.6291 Close 1.6371

On Tuesday Pound/Dollar continued increasing with almost 110 pips, in line with the positive Interbank sentiment at nearly +21%. The Cable appreciated from 1.6291 to 1.6401 yesterday, closing the day at 1.6371. Today the British Pound is trading hesitantly, and within yesterday's range for now. On the 1 hour chart quotes are breaking up from the wide range, while on the 3 hour chart new small angle wide upwards channel is emerging. First resistance is yesterday's peak at 1.6401. Break above it should extend the bullish movement further towards the 1.6513. The nearest support is yesterday's bottom at 1.6291. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6172. Today is UK BoE meeting minutes at 9:30 GMT. 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 negative and inclining upwards, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6401 1.6513 1.6640
Technical support levels: 1.6291 1.6172 1.6050
Trading range: 1.6335 - 1.6410
Trend: Upward
Buy at 1.6349 SL 1.6319 TP 1.6399

Already made +21 pips profit on GBP/USD today from the following signal:
5:30 GMT Buy GBP/USD at 1.6363 SL 1.6337 TP 1.6423, exit sent at 7:14 GMT.
Today so far +93, yesterday +108, as shown in detailsat