FBS: Trading recommendations for GBP/USD
Tatiana Norkina, an analyst at FBS
Consolidation under the Ichimoku Cloud on Friday led to the activation of the bears during today's opening hours. The pair formed a new low of the past 2 weeks, testing the important support level of 1.5930. Further break below this level can be critical and lead bears to long-term goal to 53rd figure.
Ichimoku. The situation on both timeframes is bearish: negative Clouds and Dead Crosses will prepare market participants only for selling.
At the same time, in the short-term the bulls can use the location of a H4 Chinkou line which is in the oversold zone for correction of the currency pair to 1.6020.
Technical levels: Support - 1.5930, 1.5950; resistance - 1.5980, 1.6010 / 1.6020.
1. Sell - 1.5980; SL - 1.6000; TP1 - 1.5930; TP2 - 1.5850.
2. Sell - 1.6010 / 1.6020; SL - 1.6040; TP1 - 1.5930; TP2 - 1.5850.