GBP/USD 1.6525 - 5 May 2011

GBP/USD Open 1.6493 High 1.6581 Low 1.6450 Close 1.6484

On Wednesday Pound/Dollar recovered insignificantly from Tuesday's losses with 130 pips, in converse with the negative Interbank sentiment at under -2%. The Cable appreciated from 1.6450 to 1.6581 yesterday, closing the day at 1.6484. Today the British Pound is making further retrieving efforts, but it's moving within yesterday's range for the time being. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday's peak at 1.6581. Break above it should extend the bullish movement further towards the 1.6700. The nearest support is yesterday's bottom at 1.6450. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6338. Today are UK CIPS services index and BoE meeting announcement, at 8:30 and 11 GMT respectively. Quotes are moving just above the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.6581 1.6700 1.6825
Technical support levels: 1.6450 1.6338 1.6200

Trading range: 1.6515 - 1.6585
Trend: Upward
Buy at 1.6525 SL 1.6495 TP 1.6575

Already made +24 pips profit on GBP/USD today from the following signal:
5:28 GMT+1 Buy GBP/USD at 1.6519 SL 1.6493 TP 1.6579, exit sent at 7:53 GMT+1.
Today so far +135, yesterday +112, as shown in details at