GBP/USD 1.6438 - 27 May 2011

GBP/USD Open 1.6377 High 1.6449 Low 1.6272 Close 1.6398

On Thursday Pound/Dollar continued increasing with 140 pips, in converse with the positive Interbank sentiment at above +1%. The Cable appreciated from 1.6272 to 1.6411 yesterday, closing the day at 1.6398. Today the British Pound continued strengthening, climbing up to 1.6449. On the 1 hour chart range trading is taking shape, while on the 3 hour chart the trading is within wide range. First resistance is today's peak at 1.6449. Break above it should extend the bullish movement further towards the 1.6570. The nearest support is yesterday's bottom and level at 1.6272. Going bellow it should extend British Pound's reduction further down towards next downward psychological objective 1.6130. Today was UK Nationwide house price index at 6 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6449 1.6570 1.6700
Technical support levels: 1.6272 1.6130 1.6000

Trading range: 1.6425 - 1.6500
Trend: Upward
Buy at 1.6438 SL 1.6408 TP 1.6488

Already made +27 pips profit on GBP/USD today from the following signal:
5:31 GMT+1 Buy GBP/USD at 1.6435 SL 1.6409 TP 1.6495, exit sent at 8:06 GMT+1.
Today so far +82, yesterday +106, as shown in details at