Pound might correct
Tatiana Norkina, FBS analyst
The GBP/USD currency pair is trying to recover as well. The Friday's leap in prices resulted in the Chinkou Span line getting into the are of heavy oversoldness. Therefore, we are obvious to expect the pair to recover a little, at least into the 1.5170 area, in the near future. Then the downtrend will continue. Indeed, the intensely bearish Ichimoku cloud and the dead cross formed by the Tenkan and Kijun lines will have a negative impact on the market participants sentiment.
Technical levels: support – 1.5390; resistance – 1.5430.
1. Sell — 1.5170; SL — 1.5190; TP1 — 1.5070; TP2 — 1.5030.