GBP/USD Technical Analysis 3 June 2011

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GBP/USD Technical Analysis 3 June 2011

GBP/USD 1.6351 – 3 June 2011

GBP/USD Open 1.6359 High 1.6419 Low 1.6304 Close 1.6369

On Thursday Pound/Dollar was trading within 110 pip range, in line with the neutral Interbank sentiment at almost +3%. The Cable appreciated from 1.6304 to 1.6419, than dropped, losing all above gains yesterday, closing the day at 1.6369. Today the British Pound is trading very quietly and within within yesterday’s range for the time being. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart trading is within wide range. First resistance is yesterday’s peak at 1.6419. Break above it should extend the bullish movement further towards 1.6540. The nearest support is yesterday’s bottom and level at 1.6304. Going bellow it should extend British Pound‘s reduction further down towards next downward objective 1.6190. Today is the UK CIPS services index at 8:30 GMT. Quotes are moving just bellow the almost even 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 thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.6419 1.6540 1.6667
Technical support levels: 1.6304 1.6190 1.6057

Trading range: 1.6365 – 1.6290
Trend: Downward
Sell at 1.6351 SL 1.6381 TP 1.6301

Already made +13 pips profit on GBP/USD today from the following signal:
5:30 GMT+1 Sell GBP/USD at 1.6345 SL 1.6371 TP 1.6285, exit sent at 7:08 GMT+1.
Today so far +52, yesterday +110, as shown in details at

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