GBP/USD 1.6415 - 7 June 2011

GBP/USD Open 1.6353 High 1.6461 Low 1.6322 Close 1.6354

On Monday Pound/Dollar resumed decreasing with 120 pips, in converse with the positive Interbank sentiment at almost +2%. The Cable depreciated from 1.6461 to 1.6339 yesterday, closing the day at 1.6354. Today the British Pound descended further, dropping down to 1.6322, than commenced recovering. On the 1 hour chart range trading has emerged, while on the 3 hour chart trading is within wide range. First resistance is yesterday's peak at 1.6461. Break above it should extend the bullish movement further towards 1.6577. The nearest support is today's bottom and level at 1.6322. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6200. 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 rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.6461 1.6577 1.6700
Technical support levels: 1.6322 1.6200 1.6068

Trading range: 1.6405 - 1.6475
Trend: Upward
Buy at 1.6415 SL 1.6385 TP 1.6465

Already made +55 pips profit on GBP/USD today from the following signal:
8:03 GMT+1 Buy GBP/USD at 1.6378 SL 1.6352 TP 1.6438, exit sent at 8:49 GMT+1.
Today so far +130, yesterday +59, as shown in details at