GBP/USD: down to lows again
Tatiana Norkina, FBS analyst
If the first half of the previous week was marked by quite an optimim in the market, the 1.5775/80 resistance has put an end to the short-term recovery of the pair. At the end of the week, the prices tumbled to the lows of two weeks ago, into the 56th figure area, that are in the negative zone now, under the four-hour Ichimoku cloud.
The Ichimoku indicator is again fully pro-bears: the cloud is extending downwards, the Tenkan and Kijun lines have formed a dead cross.
Oscillators look rather pessimistic, which confirms the bearish pressure increase.
Therefore, short positions are likely to prevail in the near future.
Technical levels: support – 1.5610; resistnace – 1.5680, 1.5700.
1. Sell — 1.5670; SL — 1.5700; TP1 — 1.5610; TP2 — 1.5570.