GBP/USD: Ichimoku analysis (Nov. 22)

Daily. Last week GBP/USD held above the horizontal Kijun-Sen (KS) line and now is moving up to the October peak. The pair’s trading in the $1.6200 area. If sterling settles above this level, it may conquer yearly highs in the near future. Note that the bullish Ichimoku Cloud is strengthened by the rising Senkou Span A and Senkou Span B, while Tenkan-sen (TS) narrows the Tenkan-Kijun channel up. The formation of the golden cross is possible, which would mean a resumption of the uptrend.

H4. Last week the pair was trading above the Ichimoku Cloud on H4. The market consolidated and had twice to seek support around the Cloud’s top. Toward the end of the week, pound found support in the $1.6070 area, and the pair rushed to new heights. Ichimoku indicator at this time frame is now fully on the side of the bulls. There is a golden cross (C) formed by Tenkan and Kijun. The Cloud’s expanding upward. Therefore, the immediate goal of the bulls will lie at $1.6250.

Tatyana Norkina, analyst at FBS Markets  

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