GBP/USD: bears not resting
Tatiana Norkina, FBS analyst
As expected, the currency pair tested the four-hour Tenkan-sen line resistance early this week, recovering to the 1.4850 mark. Here they were met by a strong resistance that did not allow them to fix inside the Tenkan-Kijun channel. In addition, the pressure was exerted by the fellow-line - Kijun-sen, which triggered the currency pair rate to tumble into the negative zone again, set to continue the downtrend.
At the same time, Chinkou Span hints on the pair's oversoldness. We do not rule out consolidation at the current levels and another testing of the 48th figure. If the test fails, we will very soon witness trades in the 1.4600/30 area.
Technical levels: support – 1.4700/30; resistance – 1.4780, 1.4800, 1.4850.
1. Sell — 1.4780; SL — 1.4810; TP1 — 1.4700; TP2 — 1.4630.