Norkina: Pound kept in the cloud
Tatiana Norkina, FBS analyst
This Friday, the pound unsuccessfully tried to get into the positive zone. A powerful resistance formed by the upper boundary of the Ichimoku cloud in the 1.5380 area has stopped the short-term bulls. That is why, the currency pair had to return to the Tenkan-sen line for support. At the moment, the 1.5320 level is being quite fixedly held by the bulls but a break-down may lead to stop-orders triggering. In such a case, the market might fall down up to the bottom line of the four-hour cloud. Let us also note the currency pair overboughtness confirmed by the Chinkou Span line. Therefore, the currency pair purchases right now may be risky.
Technical levels: support - 1.5320, 1.5250; resistance - 1.5380.
Trading recommendations: out of the market.