Pound broke out of the bearish pressure
Tatiana Norkina, FBS analyst
Today the British currency shows strong growth, after yesterday's consolidation in the positive area for the four-hour timeframe. GBP/USD pair once again restored to two-week highs at 1.5650 area, which held back growth.
This four-hour’s situation is rather mixed: the formation of a golden cross by Tenkan and Kijun lines during lowering of Senkou Span B line may indicate a false breakdown level. It is possible that the market could bounce back from the specified resistance in the 1.5560 support area, taking stops short of traders down. Under these conditions, we would notrecommend to trade this pair.
Technical levels: support - 1.5615, 1.5550 / 60; resistance - 1.5650.
Trading recommendations: off the market.