GBPUSD: pound is re-establishing
Daily. Last week currency pair GBP / USD broke in the positive zone again. On the daily time frame the pair took advantage of the support line Kijun-sen and came back to the levels of early May. The week's maximum was marked in the range of 1.4660. However, on Friday it was followed by corrective weakness to the Tenkan-sen, which has formed a fairly strong support in the 45th figure. Obviously, if this level holds its ground, we can expect the growth resumption. Additionally, the Ichimoku cloud began to expand upward , indicating the presence of long-term bull market.
Chart. Daily GBP/USD
H4. But in the four-hour time frame as a result of correction prices turned out to be inside the cloud dropping hrough the support line Kijun-sen and Senkou Span B. Therefore, Senkou Span A and B extremely narrowed the range of cloud to get ready for the worst (for bulls) developments.
Thus, some uncertainty on the market is present for the moment. Therefore, consolidation may occur in the range of 1.4500-1.4600.
Chart. H4 GBP/USD