FBS: trade recommendation for GBP/USD
Tatiana Norkina, FBS analyst
After having formed a new low at $1.6760, the pair rebounded yesterday to the levels around $1.6810. This growth can be regarded only as corrective, because apart from the hourly Golden Cross, there’s no more evidence of a reversal of the main decsending trend.
Ichimoku indicator. Indeed, on H4 the Ichimoku Cloud remains bearish with the active Dead Cross. Resistance is provided by Kijun-sen.
On H1 the Cloud also has a bearish tone, though its narrowing may mean an upcoming in the hourly trend to the upside. However, for this bulls will need to overcome the resistance of the Cloud’s top in the $$1.6825 area.
Technical levels: support - $1.6775, $1.6800; resistance - $1.6825, $1.6850.
1. Sell - $1.6825; SL - $1.6845; TP1 - $1.6775; TP2 - $1.6740.