GBP/USD 1.6165 - 25 May 2011

GBP/USD Open 1.6179 High 1.6201 Low 1.6055 Close 1.6176

On Tuesday Pound/Dollar also increased, with 140 pips, in converse with the negative Interbank sentiment at bellow -3%. The Cable appreciated from 1.6055 to 1.6201 yesterday, closing the day at 1.6176. Today the British Pound is moving with a slight decline, but within yesterday's range for now. On the 1 hour chart the downward channel has renewed, while on the 3 hour chart the trading is within wide range. First resistance is yesterday's peak at 1.6201. Break above it should extend the bullish movement further towards the 1.6362. The nearest support is yesterday's bottom and level at 1.6055. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5939. Today is UK GDP Q1 at 8:30 GMT. 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 hesitant, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.6201 1.6362 1.6500
Technical support levels: 1.6055 1.5939 1.5800

Trading range: 1.6180 - 1.6105
Trend: Downward
Sell at 1.6165 SL 1.6195 TP 1.6115

Already made +44 pips profit on GBP/USD today from the following signal:
5:24 GMT+1 Sell GBP/USD at 1.6175 SL 1.6201 TP 1.6115, exit sent at 7:58 GMT+1.
Today so far +93, yesterday +97, as shown in details at