GBP/USD 1.6196 - 8 March 2011

GBP/USD Open 1.6198 High 1.6342 Low 1.6170 Close 1.6192

On Monday Pound/Dollar decreased significantly with 160 pips, in converse with the positive Interbank sentiment at over +12%. The Cable depreciated from 1.6342 to 1.6181 yesterday, closing the day at 1.6192. Today the British Pound weakened further down to 1.6170. On the 1 hour chart quotes are testing the lower limit of the small angle wide upward channel, while on the 3 hour chart the upward channel has renewed. First resistance is yesterday's peak at 1.6342. Break above it should extend the bullish movement further towards the 1.6452. The nearest support is today's bottom at 1.6170. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6060. There are no major economic events for UK today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6342 1.6452 1.6584
Technical support levels: 1.6170 1.6060 1.5934

Trading range: 1.6210 - 1.6135
Trend: Downward
Sell at 1.6196 SL 1.6226 TP 1.6146

Already made +9 pips profit on GBP/USD today from the following signal:
7:43 GMT Sell GBP/USD at 1.6179 SL 1.6205 TP 1.6119, exit sent at 7:46 GMT.
Today so far +23, yesterday +117, as shown in details at