GBP/USD 1.5799 - 22 May

GBP/USD Open 1.5846 High 1.5895 Low 1.5523 Close 1.5841

Pound/Dollar also showed a significant increasing momentum this week and from the medium term view point the Cable should now be ready for further bullish scenario towards 1.6100, which is Fibonacci climb from 2.0400 to 1.3500. On the daily chart, however, there is a hanging formation, therefore, be careful for potential downward correction. Immediate support is 1.5750. The nearest resistance is 1.5900. The CCI indicator is in the overbought zone on the daily chart, suggesting a potential descending reversal scenario.

Technical resistance levels: 1.5900 1.6020 1.6150

Technical support levels: 1.5750 1.5635 1.5475

Trading range: 1.5810 - 1.5735

Trend: Downward

Sell at 1.5799 SL 1.5829 TP 1.5749

Today we made already +51 pips profit on GBP/USD from the following signal:

5:45 GMT+1 Buy GBP/USD at 1.5842 SL 1.5816 TP 1.5902 exited at 7:31 GMT

Today so far +174, yesterday +191, as shown at www.zifx.com/performance.php