GBP/USD 1.6140 - 4 April 2011

GBP/USD Open 1.6116 High 1.6177 Low 1.5971 Close 1.6104

On Friday Pound/Dollar continued increasing, after similar to EUR/USD deep downward adjustment, climbing with around 160 pips, in line with the positive Interbank sentiment at almost +3%. The Cable appreciated first from 1.5971 to 1.6133 on Friday, closing the week at 1.6104. Today the British Pound is pushing up again, reaching new height at 1.6177. On the 1 hour chart quotes returned to the trading range, while on the 3 hour chart trading is still within the wide range. First resistance is today's peak at 1.6177. Break above it should extend the bullish movement further towards the 1.6300. The nearest support is Friday's bottom at 1.5971. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5850. There are no major economic events for UK today. Quotes are moving above the almost even 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6177 1.6300 1.6426
Technical support levels: 1.5971 1.5850 1.5718

Trading range: 1.6130 - 1.6200
Trend: Upward
Buy at 1.6140 SL 1.6110 TP 1.6190

Already made +41 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Buy GBP/USD at 1.6134 SL 1.6108 TP 1.6194, exit sent at 7:34 GMT+1.
Today so far +86, on Friday +95, as shown in details at