GBP/USD: bulls standing strong
Tatiana Norkina, FBS analyst
The bulls are trying to resist the bears attack, although the latter are not losing their grip. Yesterday, the trades were carried out in a relatively narrow range. Support was in the 1.5030 area, but the Tenkan-sen resistance at 1.5080 did not allow the bulls to fully correct the currency pair rate. And this is all despite the heavy market oversoldness which provoked a reaction from the oscillators, making them turn upwards.
The trend on all timeframes still remains bearish. Thus, we should expect the downtrend continuation in the near future.
Technical levels: support – 1.5030/50; resistance – 1.5080, 1.5100.
1. Sell — 1.5080; SL — 1.5110; TP1 — 1.5000; TP2 — 1.4950.