GBP/USD: Ichimoku analysis (Jan. 24)
Daily. Last week the pair settled above the short-term support lines which kept the bullish golden cross in place, despite depreciation to the area of $1.6300 a week earlier. GBP/USD renewed the year’s high recovering to the levels around $1.6640. Further growth may be suspended, since at the moment the market’s overheated. At the beginning of the coming week pound can consolidate at current levels. The trend will remain bullish.
Chart. Daily EUR/USD
H4. At the beginning of the week the pair settled above the Ichimoku Cloud. Support was formed by Senkou Span B line in the $1.6400. By this time Tenkan and Kijun formed a golden cross (C), which was subsequently supported by the bulls. Ichimoku is now very positive, but Chinkou Span is in the overbought area, so the prices will likely return to Tenkan and Kijun.
Chart. H4 EUR/USD
Tatyana Norkina, FBS analyst