GBPUSD: Weekly review (16/01)
Tatiana Norkina, FBS analyst.
Daily. The British currency is attempting to strengthen. Over the past week a course of the currency pair rebounded to the daily Tenkan-sen, which met bulls at 1.5260. During this time, oscillators rose slightly, responding to the corrective growth. Nevertheless, the prevailing bearish trend has not yet broken, as prices remain below all Indicator lines, cloud has a bearish tone. Dead cross is also active, formed by Tenkan and Kijun.
Graph. Daily GBP/USD
H4. As a result, the growth rate for the four-hour time frame rates have entered the zone of clouds, quite rapidly breaking the resistance of the lower border of the Ichimoku cloud. However, bullish fuse was not enough. So by the end of the week trading moved to the levels of Tenkan and Kijun. Now the market support is provided by the Kijun-sen and a golden cross, but leave of prices under 1.5160 would mean the failure of a bullish campaign.
In the case of level retention we would expect further recovery in the area of the upper Ichimoku cloud border.
Graph. H4 GBP/USD