GBP/USD: pound giving in to dollar
Tatiana Norkina, FBS analyst
The British currency has fallen significantly against the US dollar. At the end of previous week, we witnessed strong sales that were the result of the break through the Ichimoku cloud support followed by the prices fixing in the negative area.
The four-hour picture has become fully bearish: Ichimoku cloud is now of a downward direction, and, at the same time, the dead cross formed by the Tenkan and Kijun lines is relevant.
But the 1.5000/50 area is marked by a strong support that will stop the sellers today. However, the growth will be only corrective so far, up to the Tenkan and Kijun lines. After testing of the 51st figure level, the downtrend may continue.
Technical levels: support – 1.5000, 1.5050; resistance – 1.5120/50.
1. Sell — 1.5130; SL — 1.5160; TP1 — 1.5050; TP2 — 1.5000.