GBPUSD: weekly review (14/11)
Tatiana Norkina, FBS analyst
Daily. Bears have not only eased the pressure on last week, but also took advantage of the Tenkan-sen line resistance to resume sales of the currency pair. Testing the line was completed in the area of 1.5940 by landslide falling pound, which by the end of the week dropped to the level of 1.5650. Ichimoku line behaved accordingly, which is now directed straight down.
MACDi and RSI show increased bearish trend on the market again.
Graph. Daily GBP/USD
H4. On the 4-hour timeframe the lower limit of the Ichimoku cloud performed as major resistance, which unsuccessful test led to the eventual downfall of consumer interest. The indicators are also bearish, but pay attention to the Chinkou span line, which is currently in oversold territory. Possible short-term rebound in the region of 1.5770.