GBP/USD 1.6392 - 9 May 2011

GBP/USD Open 1.6339 High 1.6464 Low 1.6338 Close 1.6362

On Friday Pound/Dollar was moving within a narrow 125 pip range, in line with the neutral Interbank sentiment at almost +3%. The Cable appreciated from 1.6340 to 1.6464 on Friday, closing the week at 1.6362. Today the British Pound is trading quietly, and within Friday's range for now. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart quotes are testing the lower limit of the upward channel. First resistance is Friday's peak at 1.6464. Break above it should extend the bullish movement further towards the 1.6580. The nearest support is today's bottom at 1.6338. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6222. Today is UK Halifax house price index at 7 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 calm, MACD is negative and quiet too, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6464 1.6580 1.6700
Technical support levels: 1.6338 1.6222 1.6100

Trading range: 1.6405 - 1.6330
Trend: Downward
Sell at 1.6392 SL 1.6422 TP 1.6342

Already made +26 pips profit on GBP/USD today from the following signal:
5:31 GMT+1 Sell GBP/USD at 1.6388 SL 1.6414 TP 1.6328, exit sent at 7:33 GMT+1.
Today so far +88, on Friday +130, as shown in details at