FBS: trade recommendation for GBP/USD
By Tatyana Norkina, FBS analyst
Strong bearish sentiment has seized the GBP/USD market after the pair failed to overcome the resistance at $1.6730 yesterday. Immediately after the Asian session the pair has broken below the bottom of the Cloud support on H1, and triggered safety stops of the short-term buyers. This led to the collapse of the currency pair by more than 100 pips to the 66th figure.
Ichimoku indicator. The downward trend continued both on H1 and H4. On both timeframes the Ichimoku indicator is set strictly bearish. At the same time, on H1 the pair is strongly oversold, which caused a short-term recovery of the currency pair to $1.6640.
Technical levels: support - $1.6510, $1.6590; resistance - $1.6620, $1.6640.
1. Sell - $1.6640; SL - $1.6660; TP1 - $1.6590; TP2 - $1.6510.
2. Buy - $1.6590; SL - $1.6570; TP1 - $1.6640.