Pound breaking below cloud
Tatiana Norkina, FBS analyst
The bearish pressure on the British currency persists, on the background of the strenthening US dollar. Today's trading opened with a break through the four-hour Ichimoku cloud lower border that has formed a powerful support in the 1.5550/1.5560 area. Therefore, the bears' pressure is likely to increase in case of a break through and prices consolidation below Senkou Span B.
It should be noted that the dead cross formed by the Tenkan and Kijun lines is relevant at the moment. The Ichimoku cloud is narrowing down as well, weakening the long-term players positions.
Technical levels: support – 1.5550; resistance – 1.5580.
1. Buy — 1.5590; SL — 1.5570; TP1 — 1.5700; TP2 — 1.5770.
2. Sell — 1.5540; SL — 1.5560; TP1 — 1.5460; TP2 — 1.5430.