GBP/USD 1.5960 - 24 January 2011

GBP/USD Open 1.5990 High 1.6018 Low 1.5864 Close 1.5994

On Friday Pound/Dollar increased significantly with 150 pips, in line with the positive Interbank sentiment at almost +12%. The Cable appreciated from 1.5864 to 1.6018 on Friday, closing the week at 1.5994. Today the British Pound is is in a adjustable mood and within Friday's range. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart trading is at the upper side of the wide range. First resistance is Friday's peak at 1.6018. Break above it should extend the bullish movement further towards the 1.6134. The nearest support is Friday's bottom at 1.5864. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5750. There are no major economic events for UK today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6018 1.6134 1.6250
Technical support levels: 1.5864 1.5750 1.5633

Trading range: 1.5970 - 1.5900
Trend: Downward
Sell at 1.5960 SL 1.5990 TP 1.5910

Already made +29 pips profit on GBP/USD today from the following signal:
6:36 GMT Sell GBP/USD at 1.5970 SL 1.5996 TP 1.5910, exit sent at 8:35 GMT.
Today so far +135, last Friday +158, as shown in details at