FBS: trade recommendation for GBP/USD
The currency pair breached down support at $1.6260 on Friday (H4), but stopped on the hourly level of $1.6235.
Ichimoku indicator. At the same time the situation on the hourly timeframe is more bearish. Thus, the Ichimoku Cloud has now a more negative shape, and Tenkan and Kijun move synchronously down.
On H4 the pair is likely to permanently fixed below the Ichimoku Cloud. Tenkan and Kijun formed a new Dead Cross, and the Cloud has again become bearish. Therefore, we should expect further depreciation.
Technical levels: support - $1.6235, $1.6180, $1.6160; resistance - $1.6280.
1. Sell - $1.6280; SL - $1.6300; TP1 - $1.6180; TP2 - $1.6160.