GBP/USD 1.6355 - 4 June

GBP/USD Open 1.6311 High 1.6660 Low 1.6209 Close 1.6315

Yesterday the greenback also recovered with around 450 pips against the Pound. The Cable reached a top at 1.6660, but closed the day much lower at 1.6315. From Fibonacci levels long term perspective on the daily chart, we see that the descending movement is actually a normal, and not surprising correction. Signals remain rising in the near and medium term. Maybe it is better to await the further development of the market. The nearest support is today's bottom 1.6210, followed by 1.6100. The CCI indicator crossed down the 100 line on the 4 hour chart, suggesting a potential downward pressure.

Technical resistance levels: 1.6500 1.6770 1.6900

Technical support levels: 1.6350 1.6240 1.6160

Trading range: 1.6345 - 1.6415

Trend: Upward

Buy at 1.6355 SL 1.6325 TP 1.6405

Today we made already +30 pips profit on GBP/USD from the following signal:

5:42 GMT+1 Sell GBP/USD at 1.6239 SL 1.6265 TP 1.6179 exited at 6:01 GMT

Today so far +103, yesterday +139, as shown at