FBS: trade recomendation for GBP/USD
Tatyna Norkina, FBS analyst
The cable finished the consolidation below the 1.6600 figure: yesterday the exchange rate fell to 1.6540. The bears are now likely preparing a break lower, to the 1.6500 round figure.
Ichimoku. The H4 picture remains bearish because of the descending Ichimoku Cloud. Tenkan and Kijun lines will likely form a dead cross. On the hourly chart the dead cross is already on. We believe the chances for a deeper decline are very high.
Technical levels: support – 1.6510, 1.6550; resistance – 1.6560, 1.6580.
1. Sell — 1.6550/1.6560; SL — 1.6580; TP1 — 1.6510.