GBP/USD 1.6155 - 4 February 2011

GBP/USD Open 1.6131 High 1.6288 Low 1.6120 Close 1.6132

On Thursday Pound/Dollar also decreased significantly with almost 170 pips on the good US economic indications, in converse with the positive Interbank sentiment at nearly +29%. The Cable depreciated from 1.6288 to 1.6120, closing the day at 1.6132. Today the British Pound is trading quietly and without clear direction for now. On the 1 hour chart new upward channel has formed, while on the 3 hour chart the upward channel looks good. First resistance is yesterday's peak at 1.6288. Break above it should extend the bullish movement further towards the 1.6400. The nearest support is yesterday's bottom at 1.6120. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6000. 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 rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6288 1.6400 1.6522
Technical support levels: 1.6120 1.6000 1.5884

Trading range: 1.6145 - 1.6215
Trend: Upward
Buy at 1.6155 SL 1.6125 TP 1.6205

Already made +14 pips profit on GBP/USD today from the following signal:
7:55 GMT Sell GBP/USD at 1.6159 SL 1.6185 TP 1.6099, exit sent at 8:08 GMT.
Today so far +53, yesterday +133, as shown in details at