GBP/USD 1.6170 - 9 March 2011

GBP/USD Open 1.6161 High 1.6209 Low 1.6124 Close 1.6158

On Tuesday Pound/Dollar also decreased insignificantly with around 80 pips, in converse with the positive Interbank sentiment at over +3%. The Cable depreciated from 1.6209 to 1.6124 yesterday, closing the day at 1.6158. Today the British Pound is swinging up and down, but it's moving within yesterday's range for now. 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 slowed down. First resistance is yesterday's peak at 1.6209. Break above it should extend the bullish movement further towards the 1.6330. The nearest support is today's bottom at 1.6124. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6000. Today are UK Trade in goods and Non-EU trade, both at 9:30 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 declining, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.6209 1.6330 1.6453
Technical support levels: 1.6124 1.6000 1.5882

Trading range: 1.6180 - 1.6110
Trend: Downward
Sell at 1.6170 SL 1.6200 TP 1.6120

Already made +45 pips profit on GBP/USD today from the following signal:
7:27 GMT Sell GBP/USD at 1.6184 SL 1.6210 TP 1.6124, exit sent at 8:35 GMT.
Today so far +112, yesterday +23, as shown in details at