GBP/USD: weekly Ichimoku analysis
Tatyana Norkina, FBS
Daily. Last week the pair consolidated in a narrow range, touching the Tenkan-sen support. The Ichimoku indicator remains bullish - lines are headed to the upside, the Cloud itself is rising. At the same time, the pair is strongly overbought. If the Tenkan line will be broken to the downside at the beginning of the next week, corrective decline could extend towards the Kijun line.
Chart. Daily GBP/USD
H4. The pair approached the upper border of teh Ichimoku that acted as a support for a long time. Tenkan and Kijun lines crossed several times, confirming the development of the sideways trend. At the same time, the Cloud remains bullish. Note that the bulls will have to push above the 1.7140 resistance to resume the upside. If the 1.7140 resistance holds, we will expect a consolidation inside of the Cloud .
Chart. H4 GBP/USD