GBP/USD 1.6177 - 24 February 2011

GBP/USD Open 1.6230 High 1.6282 Low 1.6155 Close 1.6209

On Wednesday Pound/Dollar also rose with nearly 130 pips, in line with the positive Interbank sentiment at almost +27%. The Cable appreciated from 1.6155 to 1.6282 yesterday, closing the day at 1.6209. Today the British Pound is trading hesitantly and within yesterday's range for the time being. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is trying to resume. First resistance is yesterday's peak at 1.6282. Break above it should extend the bullish movement further towards the 1.6400. The nearest support is yesterday's bottom at 1.6155. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6038. Today is UK CBI retail sales volume balance at 11 GMT. Quotes are have crossed down the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is thinly positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6282 1.6400 1.6516
Technical support levels: 1.6155 1.6038 1.5900

Trading range: 1.6190 - 1.6115
Trend: Downward
Sell at 1.6177 SL 1.6207 TP 1.6127

Already made +23 pips profit on GBP/USD today from the following signal:
7:02 GMT Sell GBP/USD at 1.6204 SL 1.6230 TP 1.6144, TP reached at 8:00 GMT.
Today so far +157, yesterday +134, as shown in details at