GBP/USD: weekly Ichimoku analysis
Tatyana Norkina, FBS analyst
Daily. The pair attempted to recover earlier in the week, but was capped by the Cloud. Under pressure of the dead cross the prices returned to the last week's lows around 1.6800. The major rising trend is now under threat: Senkou Span A is approaching Senkou Span B. At the same time, Chinkou Span shows the market is oversold. Short-term buyers could push the prices to the lower boarder of the Cloud at 1.6930.
Chart. Daily GBP/USD
H4. The pair recovered to Tenkan and Kijun. On Friday the price formed a dead cross after hitting fresh lows. Ichimoku Cloud remains bearish. Price decline could extend to the next support of 1.6775 in the near term.
Chart. H4 GBP/USD