GBP/USD: on the way - lows of 2013

Tatiana Norkina, an analyst at FBS

The currency pair updated local minimum went down to around 1.4950 at the end of last week. Thus, the bearish trend has been saved - a cloud remains downward.

However, the lines of Ichimoku are not in a hurry to follow the direction of the prices: they are all pointing downwards, whereas oscillators did try to turn into growth.

In addition, the analysis of longer-term timeframes shows that the pair is very close to the lows of 2013 at the moment, where a fairly strong support was formed, from which the significant rebound up is possible.

Therefore, in the near future the level of 1.5070 will become quite attractive. The breakdown level up would mean the desire of the market at least to adjust to the 54th figure. Otherwise the bears slowly will test the 48th figure with the consolidation under a cloud. 

Technical levels: support - 1.5000; resistance - 1.5070.

1. Sell - 1.5070; SL - 1.5090; TP1 - 1.5000; TP2 - 1.4975.

2. Buy - 1.5100; SL - 1.5080; TP1 - 1.5180; TP2 - 1.5250.

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