GBP/USD: weekly review (Nov. 21)
Tatiana Norkina, analyst at FBS
Daily. Throughout the past week the pair consolidated abobe the figure of 1.5600 where it found support a bit earlier. During this time, the oscillators started to indicate flat-like market conditions, confirming the data of the Ichimoku lines. Currently they are directed sideways.
It should be noted that Chinkou enters the oversold zone. Therefore, consolidation can be extended further.
Chart. Daily GBP/USD
H4. The cloud base played on the four-hour timeframe again, stopping the short-term growth of the pair at the end of the week. Turning from the level of 1.5720, the market began to fall again and found itself under all the lines of the indicator Ichimoku. It is observed that the golden cross will soon become irrelevant under such conditions. That’s why the likely scenario to happen is depreciation.
It should be also noted that the oscillators began to turn down resetting the oversold.
Chart. H4 GBP/USD