GBP/USD 1.6460 - 30 May 2011

GBP/USD Open 1.6377 High 1.6517 Low 1.6402 Close 1.6499

On Friday Pound/Dollar continued increasing with over 110 pips, in line with the positive Interbank sentiment at nearly +7%. The Cable appreciated from 1.6402 to 1.6517 on Friday, closing the week at 1.6499. Today the British Pound is moving slightly correctional, but within Friday's range for now. On the 1 hour chart the upward channel is intact, while on the 3 hour chart the trading is still within wide range. First resistance is Friday's peak at 1.6517. Break above it should extend the bullish movement further towards the 1.6630. The nearest support is Friday's bottom and level at 1.6402. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6280. Today is UK Spring Bank Holiday. Quotes are moving in line with the 20 and above 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and quiet too, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.6517 1.6630 1.6766
Technical support levels: 1.6402 1.6280 1.6154

Trading range: 1.6450 - 1.6520
Trend: Upward
Buy at 1.6460 SL 1.6430 TP 1.6510

Already made +10 pips profit on GBP/USD today from the following signal:
5:32 GMT+1 Buy GBP/USD at 1.6472 SL 1.6446 TP 1.6532, exit sent at 5:39 GMT+1.
Today so far +37, on Friday +85, as shown in details at