GBP/USD: correction continues
Tatiana Norkina, FBS analyst
As expected, the currency pair entered the cloud zone earlier this week. The bears, supported by the dead cross formed by the four-hour Tenkan and Kijun lines, lowered the currency pair rate to the strong support of 1.5350, above which consolidation continues at the moment.
It should be noted that the oscillators are quite negative as well. Therefore, corrective decline is likely to remain in the near future.
Another series of strong levels has been formed within the 53rd figure. We expect testing of the Ichimoku cloud lower border.
Technical levels: support – 1.5330, 1.5270; resistnace – 1.5380.
1. Sell — 1.5350/60; SL — 1.5380; TP1 — 1.5300; TP2 — 1.5270.