GBP/USD : bears increased pressure
Tatiana Norkina, FBS analyst
As we have seen, the currency pair tried to recover last week. However, resistance at 1.5260 stopped short-term positions of the bulls who have tried to adjust the currency pair after a collapse. As a result, prices broke down 1.5170 support of Tenkan and Kijun by the end of the week and went down to the lower boundary of the four-hour cloud. Obviously, the breakdown of this level will be taken as a signal for the resumption of the downtrend. Otherwise, short-term bulls can hope for growth of the exchange rate up to the cloud’s top.
Technical levels: support - 1.5100 / 20; resistance - 1.5160 / 70.
1. Sell - 1.5160 / 70; SL - 1.5190; TP1 - 1.5070; TP2 - 1.5040.