GBP/USD 1.6200 - 3 February 2011

GBP/USD Open 1.6201 High 1.6245 Low 1.6127 Close 1.6189

On Wednesday Pound/Dollar increased insignificantly with just over 100 pips, in line with the positive Interbank sentiment at nearly +17%. The Cable appreciated from 1.6127 to 1.6231, closing the day at 1.6189. Today the British Pound strengthened further up to 1.6245. On the 1 hour chart new upward channel has formed, while on the 3 hour chart the upward channel has renewed. First resistance is today's peak at 1.6245. Break above it should extend the bullish movement further towards the 1.6318. The nearest support is yesterday's bottom at 1.6127. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6020. Today is UK CIPS services index at 9:30 GMT. 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 rising, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6245 1.6362 1.6490
Technical support levels: 1.6127 1.6020 1.5900

Trading range: 1.6190 - 1.6260
Trend: Upward
Buy at 1.6200 SL 1.6170 TP 1.6250

Already made +59 pips profit on GBP/USD today from the following signal:
5:30 GMT Buy GBP/USD at 1.6185 SL 1.6159 TP 1.6245, exit sent at 7:45 GMT.
Today so far +132, yesterday +105, as shown in details at