Waiting for rally continuation?
Tatiana Norkina, FBS analyst
After a collapse early last week, the GBP/USD currency pair recovered into the 55th figure area, meeting a powerful resistance there. These levels are likely to be a starting point for the pair's rate further decline since the four-hour Ichimoku indicator is completely on the bears' side. Thus, the Ichimoku cloud keeps expanding downwards, while the Tenkan and Kijun lines might update the dead cross. The pair may return to the 1.5440 area in the near future.
Then, everything will depend on the Kijun-sen line. If it keeps the market, consolidation in the 1.5440-1.5600 range is possible. Otherwise, past week's lows will be updated.
Technical levels: support – 1.5440; resistance – 1.5500/20.
1. Sell — 1.5520; SL — 1.5540; TP1 — 1.5440; TP2 — 1.5370.