GBP/USD 1.5996 - 28 March 2011

GBP/USD Open 1.6007 High 1.6143 Low 1.5998 Close 1.6037

On Friday Pound/Dollar continued decreasing significantly with around 140 pips, in converse with the positive Interbank sentiment at over +11%. The Cable depreciated from 1.6143 to 1.6005 on Friday, closing the week at 1.6037. Today the British Pound weakened further, dropping down to 1.5998. On the 1 hour chart range trading has formed, while on the 3 hour chart trading is moving into a range too. First resistance is Friday's peak at 1.6143. Break above it should extend the bullish movement further towards the 1.6268. The nearest support is today's bottom at 1.5998. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5875. There are no major economic events for UK today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6143 1.6268 1.6386
Technical support levels: 1.5998 1.5875 1.5750

Trading range: 1.6010 - 1.5935
Trend: Downward
Sell at 1.5996 SL 1.6026 TP 1.5946

Already made +60 pips profit on GBP/USD today from the following signal:
5:43 GMT Sell GBP/USD at 1.6019 SL 1.6045 TP 1.5959, TP reached at 8:16 GMT.
Today so far +120, on Friday +140, as shown in details at