GBP/USD 1.6328 - 4 September 2009 GBP/USD Open 1.6325 High 1.6411 Low 1.6238 Close 1.6323

Pound/Dollar tried to climb further upwards on Thursday, reaching a top at 1.6411, where the bullish movement was limited, and closed the day at 1.6323. The downward channel and bearish trend line was broken upwards, giving potential end of the bearish scenario. But trading is still hesitant and fighting around the trend line and may attempt to return back the downward trend. If the quotes fail to hold above the 1.6235 support and yesterday's bottom, and remain outside the bearish channel, upward movement may continue towards 1.6410, but if the Cable breaks below the above support, the bearish scenario might be renewed with targets towards 1.6100 support. The CCI indicator has crossed up the 100 line on the 1 hour chart, setting a potential upward pressure with a possible test of the 1.6530 resistance.

Technical resistance levels: 1.6410 1.6530 1.6650

Technical support levels: 1.6235 1.6100 1.5980

Trading range: 1.6315 - 1.6390

Trend: Upward

Buy at 1.6328 SL 1.6298 TP 1.6378

Already made +30 pips profit on GBP/USD today from the following signal:

5:35 GMT+1 Buy GBP/USD at 1.6335 SL 1.6309 TP 1.6395 exited at 8:46 GMT

Today so far +64, yesterday +64, as shown at