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In contrast to the euro, the pound sterling showed a more modest increase against the US dollar by 0.40% at the auction on April 19-23. The development in the vaccination in the European Union from COVID-19 affected the position of the euro, and therefore, according to the euro/pound cross-rate, there were serious prerequisites for a reversal in favor of strengthening the single currency. As has been noted many times before, the EUR/GBP cross rate often has a significant impact on the situation in the main currency pairs euro/dollar and pound/dollar. I believe that this is the moment that is being observed right now. Also, the technical picture for GBP/USD clearly demonstrates why the bulls for the pound have difficulties with moving the quotes in an upward direction.
Weekly
As can be clearly seen on the weekly chart of GBP/USD, after going down from the ascending channel and fixing two consecutive weekly candles below its lower border, the pound bulls made desperate attempts to return the quotes within the channel last week. However, they were not destined to do this. The previously mentioned strong technical and psychological level of 1.4000, as well as the slightly lower red line of the Tenkan Ichimoku indicator, once again provided strong resistance to growth attempts. As a result, the third consecutive weekly candle closed under the support line of the ascending channel. Can we assume that in the current situation there was a true exit down from the ascending channel? Considering that three consecutive weekly candles closed under the support line, yes.
However, seeing how persistently the bulls continue to try to raise the price, it is better to refrain from unambiguous statements that the pair has gone down from the channel for the time being. Also, the pound/dollar is now trading above the Tenkan red line, and the main task of the bulls is to pass the strong price resistance zone of 1.4000-1.4015 and close the weekly trading above. If this happens, most likely, we will see a continuation of the upward dynamics, as a result of which the pair will again meet with strong resistance from sellers at 1.4231, and will still try to pass this important level. Only under this condition will it be possible to count on the subsequent strengthening of the GBP/USD currency pair, which is likely to be of a medium-term nature. The bears will take full control of the pair only if the strong support at 1.3670 is broken. Thus, at the moment, the trading range 1.4015-1.3669 for GBP/USD remains relevant, the exit from which will determine the further direction of the exchange rate.
Daily
On the daily chart, the main object of attention is the Ichimoku cloud. After the bears' unsuccessful attempts to bring the price down from the cloud, their opponents took up the matter, who immediately seized the initiative and began to raise the quotes to the upper border of the cloud. Since the Ichimoku cloud itself is a zone of uncertainty, I consider it premature to conclude the future direction of the course right here and now. I can only assume that since they did not come out of the cloud down and turned around, it means that they will most likely go up, after which they will once again test the price resistance zone of 1.4000-1.4015 for a breakdown. I also believe that an upward exit from the Ichimoku cloud will become the technically necessary bullish driver that will help successfully pass up the resistance area of 1.4000-1.4015. It is difficult to recommend something specific for positioning. Alternatively, you can try buying from the area of 1.3880-1.3860, and sell from the area of 1.3950-1.4000. In both cases, given the uncertain nature of trading on GBP/USD, I recommend entering the market only after the corresponding signals appear.
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