GBP/USD: Ichimoku analysis (Feb. 28)
Tatiana Norkina, FBS analyst
Daily. The pair has been consolidating around the Tenkan-sen for the whole week. This consolidation was caused by the overbought market condition. Ichimoku Indicator remains bullish: golden cross and the growing cloud may positively influence the market sentiment. The uptrend is expected to continue in the near term.
Chart. Daily GBP/USD
H4. On the H4 timeframe we see that the pair entered the Cloud and traded in a narrow range, limited by the 1.6620 support below and by the upper border of the cloud below. Bears failed to break the support to the downside. If the pair fixes above the cloud early next week, bullish pressure increases further.
Chart. H4 GBP/USD