GBP/USD 1.6142 - 25 February 2011

GBP/USD Open 1.6140 High 1.6256 Low 1.6083 Close 1.6136

On Thursday Pound/Dollar decreased significantly with over 170 pips, in converse with the positive Interbank sentiment at almost +24%. The Cable depreciated from 1.6256 to 1.6083 yesterday, closing the day at 1.6136. Today the British Pound is showing slight weakness, but it's moving within yesterday's range for now. 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 1.6256. Break above it should extend the bullish movement further towards the 1.6372. The nearest support is yesterday's bottom at 1.6083. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5961. Today are UK Gfk consumer confidence, Nationwide house price index, and GDP Q4, at 0:01, 7 and 9:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6256 1.6372 1.6500
Technical support levels: 1.6083 1.5961 1.5845

Trading range: 1.6155 - 1.6080
Trend: Downward
Sell at 1.6142 SL 1.6172 TP 1.6092

Already made +21 pips profit on GBP/USD today from the following signal:
7:42 GMT Sell GBP/USD at 1.6136 SL 1.6162 TP 1.6076, exit sent at 8:34 GMT.
Today so far +72, yesterday +161, as shown in details at http://www.zifx.com/performance.php.

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