GBP/USD : Bears don't stop
Tatiana Norkina, FBS analyst
Bears continue to increase pressure upon the pound. We saw new lows the last week- 1.5590 after which Chinkou Span on the four-hour time frame was oversold. This state of the market led to the fixing of short-term profit, as a result the pullback continued to the level of 1.5735 this morning. Nevertheless, the negative set of Ichimoku indicator not only survived but increased as far as the pair came under all the lines for the last couple of hours again.
The MACD histogram is in the negative area and RSI is at the bottom of the range. Obviously,fixation of the pair of 57th figure will give a reason for new sales.
Technical levels: Support - 1.5890, 1.5850; resistance - 1.5940.
1. Sell - 1.5700; SL - 1.5720; TP1 - 1.5590.