GBP/USD: pound getting stronger
Tatiana Norkina, FBS analyst
At the end of the previous week, the currency pair managed to get deep into the cloud again, having broken the resistance of the lower border and the Tenkan and Kijun lines. This confirmed that the market is currently in a correctional phase.
However, a dead cross was formed at the same time, which can have a negative impact on the market participants sentiment. Therefore, if the pair fails to hold above the Kijun-Sen support (1.4900), we might see the rate's decline even below the 48th figure today. Otherwise, the bulls will try to test the Ichimoku cloud upper border levels.
Techncal levels: support – 1.4900, 1.4800; resistance – 1.4970, 1.5050, 1.5090.
1. Sell — 1.4880; SL — 1.4900; TP1 — 1.4800; TP2 — 1.4770.
2. Buy — 1.4900; SL — 1.4880; TP1 — 1.4970; TP2 — 1.5050.