GBP/USD 1.6357 - 1 June

GBP/USD Open 1.6171 High 1.6395 Low 1.5920 Close 1.6184

After some consolidation movement last week, Pound/Dollar continued their rising scenario on Friday. On the 1 hour chart is seen how the Cable broke up the 1.6100 resistance, made a top at 1.6196, and closed the week at 1.6184. Signals remain rising for the time being, with targets towards 1.6450. However, we still have a strong resistance at 1.6400, which is a top from 5 November 2008. A consistent movement over the above level is needed to confirm further ascending scenario. The CCI indicator is in the overbought zone and downwards, assuming potential descending pressure with possible testing of the 1.6185 support level.

Technical resistance levels: 1.6400 1.6520 1.6645

Technical support levels: 1.6185 1.6050 1.5920

Trading range: 1.6345 - 1.6420

Trend: Upward

Buy at 1.6357 SL 1.6327 TP 1.6407

Today we made already +24 pips profit on GBP/USD from the following signal:

6:57 GMT+1 Sell GBP/USD at 1.6206 SL 1.6232 TP 1.6146 exited at 7:08 GMT

Today so far +142, on Friday +116, as shown at