GBPUSD: weekly review (19/12)
Tatiana Norkina analyst FBS
Daily. The currency pair has continued to consolidate in the range of 1.5550-1.5800 more than a month. GBP/USD tested its upper bound last week, but it stumbled on resistance Kijun-sen line, and then jumped again to the bottom.
Ichimoku indicator is expected for the declining in the rate. When the pair is attached under Tenkan and Kijun lines near 1.5650 / 80, one will wait for the resumption of the downtrend.
Otherwise, attempts to restore the market to the lower boundary of the cloud are possible, but the probability of such scenario is quite low.
Graph. Daily GBP / USD
H4. At the four-hour time frame the currency pair was fixed under the cloud at the end of the week. Moreover, the bulls are unable to break the resistance of the horizontal Kijun-sen in the area of 1.5650 / 80. Tenkan and Kijun lines formed a dead cross which became a signal for new sales of the pair. The cloud is also expanding down, strengthening the bearish disposition.
Graph. H4 GBP / USD