FBS: trade recomendation for GBP/USD
Tatyana Norkina, FBS analyst
Despite the strong bearish trend, the price consolidated in a narrow sideways range on Friday, holding above the 1.6560 support. At the same time, the 1.6590 resistance limited the upside (lower border of the hourly Ichimoku). On Monday the pair gapped down, forming a new low at 1.6530.
Ichimoku. The bearish trend remains strong. Inability to break above the lower H1 Cloud border confirmes the weakness of the bulls. We expect the pair to extend the decline in the near term.
We have to keep in mind the 1.6510 support, however. Bulls can undertake another attack.
Technical levels: support – 1.6510, 1.6550; resistance – 1.6580, 1.6600.
1. Sell — 1.6570; SL — 1.6590; TP1 — 1.6530; TP2 — 1.6510.
2. Buy — 1.6510; SL — 1.6490; TP1 — 1.6600.