GBP/USD 1.6338 - 6 April 2011

GBP/USD Open 1.6296 High 1.6359 Low 1.6089 Close 1.6293

On Tuesday Pound/Dollar renewed the upward trend with a strong upward impulse, climbing with around 210 pips, in line with the positive Interbank sentiment at nearly +4%. The Cable appreciated from 1.6089 to 1.6302 yesterday, closing the day at 1.6293. Today the British Pound pushed even further up, climbing to to 1.6340. On the 1 hour chart trading has returned into a range, while on the 3 hour chart trading is still within the wide range. First resistance is today's peak at 1.6359. Break above it should extend the bullish movement further towards the 1.6472. The nearest support is yesterday's bottom at 1.6089. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5971. Today are UK Industrial production and Manufacturing output, both at 8:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and tranquil, MACD is thinly positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6359 1.6472 1.6600
Technical support levels: 1.6089 1.5971 1.5850

Trading range: 1.6325 - 1.6400
Trend: Upward
Buy at 1.6338 SL 1.6308 TP 1.6388

Already made +30 pips profit on GBP/USD today from the following signal:
5:37 GMT+1 Buy GBP/USD at 1.6329 SL 1.6303 TP 1.6389, exit sent at 8:06 GMT+1.
Today so far +135, yesterday +127, as shown in details at