GBP/USD: Ichimoku analysis (Dec. 27)
Daily. During the past week the pair has settled above Tenkan-sen (TS). This allowed the bulls to resume rebound. However, growth is only in the short term. All lines of the Indicator are horizontal, so there’s no dominating trend. At the same time, the pair’s once again approaching the yearly highs as it’s trading in the $1.64460 area. In the coming days the bulls may attempt to break the December range to the upside. This will open the way towards $1.6600.
Chart. Daily GBP/USD
H4. At H4 the pair was consolidating just below the lines Tenkan and Kijun which have formed the Dead Cross. However, in the second half of the weeks the buyers re-appeared and resumed rebound. The pair formed a Golden Cross (С), and both lines are rising now. Senkou Span A and B are going up as well. Bullish sentiment is strengthening, so the odds that the uptrend will continue are high.
Chart. H4 GBP/USD
Tatyana Norkina, FBS analyst