GBP/USD: bulls thinking hard
Tatiana Norkina, FBS analyst
Highs update ended in a drastic tumble of the currency pair rate to the Ichimoku cloud upper border, with further consolidation above Senkou Span A. This means that the uptrend is still in force, but it is quite difficult for the bulls to overcome the psychological level on the 1.5500 figure. We should not rule out the probability of the pair's drop deep into the Ichimoku cloud as the Tenkan and Kijun lines have begun to form a dead cross, Chinkou Span has crossed the price chart downwards, and oscillators are moving into the bearish zone.
Break through the cloud upper border support, followed by consolidation below it, can be a signal for sales, up to the lower border at 1.5270.
Technical levels: support – 1.5270; resistance – 1.5470.
1. Sell — 1.5400; SL — 1.5430; TP1 — 1.5300; TP2 — 1.5270.