GBP/USD 1.5895 - 25 May

GBP/USD Open 1.5926 High 1.5937 Low 1.5772 Close 1.5921

Pound/Dollar also had a moderate increasing momentum on Friday. On the daily chart there is a formation hanged, which should be signal for exhaustion of bullish impulse and possible present downward correction. On the 1 hour chart, there is an ascending wedge formation, which also suggests a potential scenario for bearish reversal, if the wedge is penetrated downwards. Signals, however, remain ascending in the medium term. Immediate support is 1.5830, followed by 1.5720. The CCI indicator is about to pass down the 100 line on the 4 hour chart, assuming potential descending pressure.

Technical resistance levels: 1.5940 1.6055 1.6150

Technical support levels: 1.5830 1.5720 1.5635

Trading range: 1.5905 - 1.5835

Trend: Downward

Sell at 1.5895 SL 1.5925 TP 1.5845

Today we made already +49 pips profit on GBP/USD from the following signal:

5:42 GMT+1 Buy GBP/USD at 1.5882 SL 1.5856 TP 1.5942 exited at 7:12 GMT

Today so far +128, on Friday +174, as shown at