GBP/USD 1.6421 - 6 June 2011

GBP/USD Open 1.6450 High 1.6462 Low 1.6284 Close 1.6420

On Friday Pound/Dollar also increased with 150 pips, in converse with the negative Interbank sentiment at bellow -2%. The Cable appreciated from 1.6284 to 1.6440 on Friday, closing the week at 1.6420. Today the British Pound ascended further, climbing up to 1.6462, but movements in general are hesitant. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart trading is within wide range. First resistance is today's peak at 1.6462. Break above it should extend the bullish movement further towards 1.6577. The nearest support is Friday's bottom and level at 1.6284. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6150. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6462 1.6577 1.6700
Technical support levels: 1.6284 1.6150 1.6015

Trading range: 1.6410 - 1.6485
Trend: Upward
Buy at 1.6421 SL 1.6391 TP 1.6471

Already made +9 pips profit on GBP/USD today from the following signal:
5:28 GMT+1 Buy GBP/USD at 1.6434 SL 1.6408 TP 1.6494, exit sent at 7:41 GMT+1.
Today so far +49, on Friday +72, as shown in details at