GBP/USD 1.6007 - 29 March 2011

GBP/USD Open 1.5983 High 1.6040 Low 1.5935 Close 1.5988

On Monday Pound/Dollar continued decreasing insignificantly with just over 100 pips, in converse with the positive Interbank sentiment at almost +9%. The Cable depreciated from 1.6040 to 1.5935 yesterday, closing the day at 1.5988. Today the British Pound is making recovery attempts, but movements are still within yesterday's range for now. On the 1 hour chart quotes are breaking down of the trading range, while on the 3 hour chart trading is still within wide range. First resistance is yesterday's peak at 1.6040. Break above it should extend the bullish movement further towards the 1.6162. The nearest support is yesterday's bottom at 1.5935. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5800. 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 climbing, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6040 1.6162 1.6300
Technical support levels: 1.5935 1.5800 1.5667

Trading range: 1.5995 - 1.6070
Trend: Upward
Buy at 1.6007 SL 1.5977 TP 1.6057

Already made +2 pips profit on GBP/USD today from the following signal:
5:33 GMT Sell GBP/USD at 1.6015 SL 1.6041 TP 1.5955, exit sent at 5:36 GMT.
Today so far +62, yesterday +120, as shown in details at