GBP/USD 1.5755 - 21 May

GBP/USD Open 1.5746 High 1.5815 Low 1.5450 Close 1.5750

Pound/Dollar continued its rising mode yesterday. After breaking up of the rising channel, the Cable reached a top at 1.5794, closing at 1.5750. Next key resistance level is represented by the 1.5820 level, followed by the psychological 1.5980. We may also expect a slight downward correction towards 1.5560, in the attempt to gather bigger bullish force towards next target 1.6150. Only consistent movement under 1.5480 we may turn the upward scenario into deeper correction. Even then the currency couple has accumulated strong support line in the region of 1.5440. The CCI indicator is in the overbought area and downwards on the 4 hour chart, assuming potential reversal descending pressure.

Technical resistance levels: 1.5820 1.5980 1.6150

Technical support levels: 1.5565 1.5440 1.5300

Trading range: 1.5745 - 1.5815

Trend: Upward

Buy at 1.5755 SL 1.5725 TP 1.5805

Today we made already +52 pips profit on GBP/USD from the following signal:

5:43 GMT+1 Buy GBP/USD at 1.5763 SL 1.5737 TP 1.5823 exited at 7:33 GMT

Today so far +117, yesterday +176, as shown at