Pound continues consolidating
Tatiana Norkina, FBS analyst
The British currency continues moving within a narrow sideways range inside the four-hour Ichimoku cloud. Yesterday, the bulls made an attempt to break into the positive area, but all efforts were in vain - by the end of the day, trading had again moved below the Tenkan and Kijun lines. The latter, however, have formed a golden cross which cannot help the buyers in any way so far.
The Ichimoku cloud lines are also directed horizontally, forecasting the sideways trend retention.
The bulls' weakness is likely to be taken advantage of by the bears in the near future that might yet correct the market to the cloud's lower border levels.
Technical levels: support – 1.5670, 1.5550; сопротивление – 1.5740.
1. Buy — 1.5750; SL — 1.5730; TP1 — 1.5800; TP2 — 1.5870.
2. Sell — 1.5700; SL — 1.5720; TP1 — 1.5600; TP2 — 1.5550.