GBP/USD 1.6443 - 9 June 2011

GBP/USD Open 1.6402 High 1.6457 Low 1.6347 Close 1.6401

On Wednesday Pound/Dollar decreased again with 100 pips, forming weekly trading range pattern, in line with the negative Interbank sentiment at bellow -13%. The Cable depreciated from 1.6448 to 1.6347 yesterday, closing the day at 1.6401. Today the British Pound commenced recovering, climbing up to 1.6457. On the 1 hour chart range trading has emerged, while on the 3 hour chart trading is still within wider range. First resistance is today's peak at 1.6457. Break above it should extend the bullish movement further towards 1.6571. The nearest support is yesterday's bottom and level at 1.6347. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6230. Today are UK Trade in goods, Non-EU trade, and BoE meeting announcement, at 8:30 and 11 GMT respectively. Quotes are moving above the almost even 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.6457 1.6571 1.6700
Technical support levels: 1.6347 1.6230 1.6100

Trading range: 1.6440 - 1.6505
Trend: Upward
Buy at 1.6443 SL 1.6413 TP 1.6493

Already made +25 pips profit on GBP/USD today from the following signal:
7:35 GMT+1 Buy GBP/USD at 1.6432 SL 1.6406 TP 1.6492, exit sent at 8:15 GMT+1.
Today so far +90, yesterday +135, as shown in details at