Tatyana graduated from Bashkir State University with the major of Applied Mathematics and IT. She used to work as a system analyst in a large IT company. Entered the financial markets in 2008. Her trading system is based on classical technical analysis, Ichimoku indicator and the elements of fundamental analysis. Tatyana is very dedicated to her family and children. In her free time she enjoys rising a bicycle.

GBP/USD: bears pressure not easing

 Tatiana Norlina, FBS analyst

Yesterday's trading has again proved that the bears are still disposed towards further decline of the currency pair rate. After a short testing of the Tenkan-Sen line, prices continued falling and returned to the last week's lows of 1.5600. The Ichimoku indicator negative trend is strengthening once again: Senkou Span A cloud is extending downwards; Tenkan-Sen is fixing the current dead cross.

However, there is a slight difference in prices with the MACD Histogram - there has formed a divergence warning of a possible consolidation at the current levels before updating the lows.

Apart from that, formation of a reversal Morning Star candlestick, with due acknowledgment, can provoke bulls to short-term buying. Therefore, total attention of market participants will be drawn to the 1.5600 figure. If consolidating above - we will be on the bulls side, which is yet quite a risky venture. Otherwise, let us expect the pair in the 1.5500 area.

Technical levels: support – 1.5500, 1.5600; resistance – 1.56350.

Trade recommendations:

1. Sell – 1.5630; SL – 1.5650; TP1 – 1.5500; TP2 – 1.5410.

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