GBP/USD: market is overbought
Technical levels: support – 1.2940; resistance – 1.3040, 1.3080
Trade recommendations:
- Sell — 1.3040; SL — 1.3060; TP1 — 1.2980; T2 — 1.2940.
Reason: irregular bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the market in positive mood now but oversold – expected correctional movement to Tenkan-sen or Kijun-sen.