GBP/USD 1.6660 - 29 April 2011

GBP/USD Open 1.6644 High 1.6748 Low 1.6622 Close 1.6629

On Thursday Pound/Dollar corrected downwards with over 120 pips, not exactly in line with the positive Interbank sentiment at under +6%. The Cable depreciated from 1.6748 to 1.6622 yesterday, closing the day at 1.6629. Today the British Pound is making recovery efforts, but movements are within yesterday's range for the time being. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart new upward channel has emerged. First resistance is yesterday's peak at 1.6748. Break above it should extend the bullish movement further towards the 1.6871, before the psychological 1.7. The nearest support is yesterday's bottom at 1.6622. Going bellow it should extend British Pound's reduction further down towards next downward objective and important support 1.6500. 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 calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6748 1.6871 1.7000
Technical support levels: 1.6622 1.6500 1.6377

Trading range: 1.6650 - 1.6720
Trend: Upward
Buy at 1.6660 SL 1.6630 TP 1.6710

Already made +17 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6655 SL 1.6629 TP 1.6715, exit sent at 8:33 GMT+1.
Today so far +59, yesterday +97, as shown in details at