GBP/USD 1.6401 - 6 May 2011

GBP/USD Open 1.6382 High 1.6544 Low 1.6357 Close 1.6383

On Thursday Pound/Dollar followed the Euro downwards, decreasing with almost 160 pips, in converse with the neutral Interbank sentiment at under 0%. The Cable depreciated from 1.6544 to 1.6357 yesterday, closing the day at 1.6383. Today the British Pound is trading quietly, moving at the lower end of yesterday's range for the time being. On the 1 hour chart range trading is emerging, while on the 3 hour chart the upward channel was broken downwards. First resistance is yesterday's peak at 1.6544. Break above it should extend the bullish movement further towards the 1.6669. The nearest support is yesterday's bottom at 1.6357. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6230. Today are UK PPI Output and Input, both at 8:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6544 1.6669 1.6800
Technical support levels: 1.6357 1.6230 1.6100

Trading range: 1.6415 - 1.6340
Trend: Downward
Sell at 1.6401 SL 1.6431 TP 1.6351

Already made +27 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6393 SL 1.6419 TP 1.6333, exit sent at 8:34 GMT+1.
Today so far +101, yesterday +135, as shown in details at