GBP/USD 1.6109 - 28 February 2011

GBP/USD Open 1.6096 High 1.6162 Low 1.6029 Close 1.6113

On Friday Pound/Dollar decreased significantly with over 130 pips, in converse with the positive Interbank sentiment at over +14%. The Cable depreciated from 1.6162 to 1.6029 on Friday, closing the week at 1.6113. Today the British Pound is moving hesitantly, but within Friday's range for now. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is trying to renew. First resistance is Friday's peak at 1.6162. Break above it should extend the bullish movement further towards the 1.6278. The nearest support is Friday's bottom at 1.6029. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5900. There are no major economic events for UK today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6162 1.6278 1.6400
Technical support levels: 1.6029 1.5900 1.5768

Trading range: 1.6095 - 1.6170
Trend: Upward
Buy at 1.6109 SL 1.6079 TP 1.6159

Already made +49 pips profit on GBP/USD today from the following signal:
6:29 GMT Buy GBP/USD at 1.6104 SL 1.6078 TP 1.6164, exit sent at 7:05 GMT.
Today so far +96, on Friday +106, as shown in details at