GBP/USD 1.6465 - 27 April 2011

GBP/USD Open 1.6509 High 1.6533 Low 1.6430 Close 1.6479

On Tuesday Pound/Dollar traded within a 100 pip range, in line with the neutral Interbank sentiment at under +1%. The Cable depreciated from 1.6533 to 1.6430 yesterday, closing the day at 1.6479. Today the British Pound is showing weakness again, but it's moving within yesterday's range for now. 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 1.6533. Break above it should extend the bullish movement further towards the 1.6655. The nearest support is yesterday's bottom at 1.6430. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6306. Today is UK GDP Q1 at 8:30 GMT. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish impulse. The value of the RSI indicator is negative and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6533 1.6655 1.6780
Technical support levels: 1.6430 1.6306 1.6182

Trading range: 1.6475 - 1.6405
Trend: Downward
Sell at 1.6465 SL 1.6495 TP 1.6415

Already made +19 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6496 SL 1.6470 TP 1.6556, exit sent at 5:58 GMT+1.
Today so far +66, yesterday +165, as shown in details at