GBP/USD 1.6500 - 26 April 2011

GBP/USD Open 1.6500 High 1.6555 Low 1.6438 Close 1.6495

On Monday Pound/Dollar encountered slight downward correction with 90 pips, in converse with the positive Interbank sentiment at above +2%. The Cable depreciated from 1.6555 to 1.6466 yesterday, closing the day at 1.6495. Today the British Pound dropped further down, reaching 1.6438, than began recovering. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes broke up of the wide trading range. First resistance is yesterday's peak at 1.6555. Break above it should extend the bullish movement further towards the 1.6680. The nearest support is yesterday's bottom at 1.6438. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6306. Today are UK CBI industrial order books and output balance, both at 11 GMT. Quotes have just crossed up the close 20 and 50 EMA on the 1 hour chart, indicating bullish impulse. The value of the RSI indicator is neutral and inclining upwards, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6555 1.6680 1.6800
Technical support levels: 1.6438 1.6306 1.6182

Trading range: 1.6490 - 1.6560
Trend: Upward
Buy at 1.6500 SL 1.6470 TP 1.6550

Already made +55 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6456 SL 1.6430 TP 1.6516, exit sent at 8:38 GMT+1.
Today so far +160, last Thursday +195, as shown in details at