GBP/USD 1.6387 - 8 June 2011

GBP/USD Open 1.6446 High 1.6473 Low 1.6322 Close 1.6440

On Tuesday Pound/Dollar recovered from Monday's losses, climbing with 150 pips, in converse with the negative Interbank sentiment at bellow -5%. The Cable appreciated from 1.6322 to 1.6473 yesterday, closing the day at 1.6440. Today the British Pound is showing weakness, but movements are still within yesterday's range for now. On the 1 hour chart range trading has emerged, while on the 3 hour chart trading is within wider range. First resistance is yesterday's peak at 1.6473. Break above it should extend the bullish movement further towards 1.6600. The nearest support is yesterday's bottom and level at 1.6322. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6200. Today is the UK Halifax house price index at 7 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6473 1.6600 1.6733
Technical support levels: 1.6322 1.6200 1.6068

Trading range: 1.6400 - 1.6325
Trend: Downward
Sell at 1.6387 SL 1.6417 TP 1.6337

Already made +36 pips profit on GBP/USD today from the following signal:
8:18 GMT+1 Sell GBP/USD at 1.6389 SL 1.6415 TP 1.6329, exit sent at 8:23 GMT+1.
Today so far +133, yesterday +155, as shown in details at