GBPUSD: weekly review (20/02)
Tatiana Norkina, FBS analyst
Daily. Corrective recovery rate of the currency pair continues. New maximum was set just below the 55th figure last week. However, the local overbought of the pair dod not give the opportunity to the bulls to run in full force. We observe the return of prices to the Tenkan line once again. We note that a short-term positive attitude is still in force. Perhaps there is a testing of the upper limit of daily cloud.
Graph. Daily GBP/USD
H4. At the four-hour time frame situation is not that joyful. After the establishment of a new high, the pair consolidated over the Tenkan and Kijun lines and then started to move in the direction of the Ichimoku cloud. Hold of the prices by top level of the cloud at 1.5350 area may help to continue the main uptrend. However, the breakdown of support will make prices return to the two-week lows.
Graph H4 GBP/USD