GBP/USD 1.6499 - 31 May 2011

GBP/USD Open 1.6484 High 1.6548 Low 1.6449 Close 1.6473

On Monday Pound/Dollar also traded quietly and within 65 pip range, in line with the positive Interbank sentiment at nearly +5%. The Cable depreciated from 1.6516 to 1.6449 yesterday, closing the day at 1.6473. Today the British Pound resumed climbing, rising up to 1.6548. On the 1 hour chart the upward channel is intact, while on the 3 hour chart the new upward channel looks good. First resistance is today's peak at 1.6548. Break above it should extend the bullish movement further towards 1.6669. The nearest support is yesterday's bottom and level at 1.6449. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6329. 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 declining, MACD is positive and quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6548 1.6669 1.6800
Technical support levels: 1.6449 1.6329 1.6200

Trading range: 1.6485 - 1.6560
Trend: Upward
Buy at 1.6499 SL 1.6469 TP 1.6549

Already made +37 pips profit on GBP/USD today from the following signal:
5:31 GMT+1 Buy GBP/USD at 1.6510 SL 1.6484 TP 1.6570, exit sent at 7:59 GMT+1.
Today so far +166, yesterday +76, as shown in details at