Pound growing after election
Tatiana Norkina, FBS analyst
Full of optimism, the pound bulls keep driving the GBP/USD currency pair upwards. Within the past two days, the pair has grown to the 57th figure, up to the December 2014 levels.
The situation on the four-hour timeframe is extremely bullish: the Ichimoku cloud is expanding upwards, the Kijun-sen and Tenkan-sen lines have again formed the golden cross.
However, the pair's rapid growth might be dampened by the market overboughtness: the Chinkou Span line is in the corresponding area. Consequently, new purchases can be made only after the prices have completely corrected to the Tenkan or Kijun lines levels.
Technical levels: support – 1.5630, 1.5550; resistance – 1.5740, 1.5790.
1. Buy — 1.5630; SL — 1.5610; TP1 — 1.5740; TP2 — 1.5790.