Pound trading within cloud
Tatiana Norkina, FBS analyst
The GBP/USD currency pair rate has recovered significantly within the last two trading sessions. The pair found support in the 52nd figure area and then began to recover rapidly within the correctional movement. The short-term bullish sentiment of the market participants was supported by the Tenkan and Kijun lines yesterday that had formed a golden cross. It was immediately followed by a break through the four-hour Ichimoku cloud lower border resistance, which bounds us to speak about the pair's further consolidation within a fairly wide price range of 1.5300-1.5500. It obviously makes sense to wait for the prices to pull back to the Tenkan and Kijun lines in the near future and to be on the bulls' side up until the Ichimoku cloud upper border.
Technical levels: support – 1.5300; resistance1 – 1.5480.
1. Buy — 1.5300; SL — 1.5280; TP1 — 1.5400; TP2 — 1.5480.