FBS: trade recommendation for GBP/USD
Tatyana Norkina, FBS analyst
The $1.6600 resistance remains a hurdle for the buyers, who tried to push the price higher following the 7 weeks of decline. On Friday the pair traded in the 1.6560-1.6600 range. In our view, bulls may take over today.
Ichimoku. There are contradictive signals. The H4 Tenkan and Kijun lines formed a decisive golden cross, while the Cloud itself is bearish. On the H1 chart the price stayed in the positive territory, above the bullish Cloud. However, Tenkan-sen and Kijun-sen for,ed a dead cross. The trade looks a bit risky in this conditions.
Technical levels: support – 1.6560, 1.6580; resistance – 1.6600, 1.6635.
1. Buy — 1.6600; SL — 1.6580; TP1 — 1.6635; TP2 — 1.6650.
2. Sell — 1.6580; SL — 1.6600; TP1 — 1.6510.