This morning GBP/USD currency pair recovered into the four-hour Tenkan-Kijun channel.
It is worth reminding that the market has corrected towards the support of the Ichimoku cloud top at 1.4450 last Friday, after a powerful breakthrough to the positive region. Meanwhile, Ichimoku Cloud became bullish, and now continues to encourage traders by expanding upwards.
Thus, with the golden cross of Tenkan and Kijun lines formed last week, the bulls are expected to attempt a breakthrough to the Tenkan-Sen. In case of breakdown and fixing the price on this line, the pair’s further growth is possible. Otherwise, it is fair to assume that there will be correction slide down to the lower cloud levels, 1.4375.
Technical levels: support – 1.4410, 1.4460; resistance – 1.4520, 1.4600.
1. Buy – 1.4410; SL – 1.4390; TP1 - 1.4520; TP2 – 1.4600.