FBS: trade recomendation for GBP/USD
Tatyana Norkina, FBS analyst
Yesterday the pair spent the day inside of the hourly Cloud, in the 1.6850-1.6880 range.
Ichimoku. The market is now developping a sideways range. The main H4 trend is bearish, but the hourly Ichimoku is narrowing to the upside, while Tenkan and Kijun lines are forming golden crosses.
At the same time, the 1.6880 resistance remains intact. What's more, there is a strong resistance in the 1.6900/1.6905 area. For this reason, in the near term we recommend selling GBP/USD.
Technical levels: support – 1.6775, 1.6805, 1.6850; resistance – 1.6880, 1.6905.
1. Sell — 1.6880; SL — 1.6905; TP1 — 1.6805; TP2 — 1.6775.