GBP/USD 1.6285 - 26 May 2011

GBP/USD Open 1.6274 High 1.6336 Low 1.6130 Close 1.6261

On Wednesday Pound/Dollar continued increasing with 160 pips, in converse with the negative Interbank sentiment at almost -2%. The Cable appreciated from 1.6130 to 1.6295 yesterday, closing the day at 1.6261. Today the British Pound continued strengthening, climbing up to 1.6336. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart the trading is within wide range. First resistance is today's peak at 1.6336. Break above it should extend the bullish movement further towards the 1.6450. The nearest support is yesterday's bottom and level at 1.6130. Going bellow it should extend British Pound's reduction further down towards next downward psychological objective 1.6000. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6336 1.6450 1.6587
Technical support levels: 1.6130 1.6000 1.5873

Trading range: 1.6275 - 1.6345
Trend: Upward
Buy at 1.6285 SL 1.6255 TP 1.6335

Already made +18 pips profit on GBP/USD today from the following signal:
5:29 GMT+1 Buy GBP/USD at 1.6305 SL 1.6279 TP 1.6365, exit sent at 5:56 GMT+1.
Today so far +106, yesterday +109, as shown in details at