GBP/USD: trading on Ichimoku (June 2)
Tatyana Norkina, FBS analyst
GBP/USD corrected into the 1.6787 area on Friday. The bearish pressure still remains high, so the pair is expected to hold into the 1.6700-1.6800 fixed range in the near term.
Ichimoku indicator. The range is limited by the recent low of 1.6700 from the downside, and by the H4 Kijun-sen (1.6787) from the upside. The cable is currently trading right in the middle of that channel. Chinkou Span also speaks in favor of a further consolidation.
On the H1 the prise sits inside of the Cloud with the upper border coinciding with the 1.6787 resistance. It will be a hard nut to crack for the buyers.
Technical levels: support – 1.6716, 1.6700; resistance – 1.6750, 1.6787.
1. Buy — 1.6755; SL — 1.6740; TP1 — 1.6785.
2. Sell — 1.6785; SL — 1.6805; TP1 — 1.6720; TP2 – 1.6700.