GBP/USD: correction still possible
Tatiana Norkina, FBS analyst
The currency pair continues trading between the four-hour Tenkan-Sen and Kijun-sen lines and the Ichimoku cloud. Yesterday's attack of the bears was stopped by the Kijun line support in the 51st figure area, but it is hard for the bulls to overcome the cloud pressure as well. Therefore, despite the active gold cross, the 1.5170 resistance has not been passed yet.
One should obviously pay attention to this particular range in the near future. Break through 1.5100 will mean resumption of the currency pair sales up until the 48th figure. Otherwise, let us expect the pair correction deep into the cloud in the 1.5400 area.
Technical levels: support – 1.5100/20; resistance – 1.5170, 1.5250, 1.5400.
1. Sell — 1.5090; SL — 1.5120; TP1 — 1.4940; TP2 — 1.4830.
2. Buy — 1.5170; SL — 1.5130; TP1 — 1.5240; TP2 — 1.5330.