GBP/USD: consolidation continues

  Tatiana Norkina, an analyst at FBS

Market participants continue to swing the currency pair over a relatively wide price range. Last week we saw the testing of both the top (1.5780) and lower (1.5540) boundaries. In the second half of the week the trading moved under Ichimoku cloud and, apparently, the prices were fixed under it. The formation of the dead cross and changing of the cloud nature to bearish allow to suggest that bears will increase pressure in order to breakdown the lower limit of the range mentioned above.

At the same time, we do not exclude the likelihood of further consolidation, as long as oscillators tuned fairly neutral.

Technical levels: support - 1.5615, 1.5585; resistance - 1.5650 / 60, 1.5690.

Trading recommendations:

1. Sell - 1.5650 / 60; SL - 1.5690; TP1 - 1.5615; TP2 - 1.5585.

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