FBS: trade recommendation for GBP/USD
Tatiana Norkina, FBS analyst
Resistance 1.6010 / 1.6020 restrains the bulls which're trying to correct the course of the currency pair for another day. The pair bounced back from a powerful level again, having gone into the negative zone on one-hour line today at the morning session. That could mean continuation of the downward trend and further break through 1.5930 support, which we discussed in previous issues.
Ichimoku. The indicator is set negatively on both timeframes: the clouds are of bearish character. Trading under all the lines of the indicator may soon lead to the formation of dead crosses. In this case, you can take the bears’ side after the retest of 1.5970 / 80 from the bottom level.
Technical levels: Support - 1.5930, 1.5950; resistance - 1.5980.
1. Sell - 1.5980; SL - 1.6000; TP1 - 1.5930; TP2 - 1.5850.