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GBP/USD: Ichimoku analysis (Jan. 10)

Daily. During the past week GBP/USD managed to regain a bit the lost ground. Kijun-sen (KS) acted as support, which stopped the corrective decline at $1.6400. Note that a local minimum was formed a lower, in the $1.6340 area. Thus, the upward trend remains in both the short- and long-term prospects. A “golden cross” (C) is still in place. The Ichimoku cloud is bullish. If the prices fix above Tenkan, the bulls will continue purchases.

Chart. Daily GBP/USD

H4. At H4 the picture is not that smooth. After the pair recovered to the upper boundary of the Cloud, it found resistance at $1.6500. It may be difficult for the prices to break higher as Chinkou Span is in the overbought area. So, in the short term we can expect the depreciation to Tenkan after another attempt to get above $1.6500.

Chart. H4 GBP/USD

Tatyana Norkina, FBS analyst

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