Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.5684
Kijun-Sen level: 1.5663
Ichimoku cloud top: 1.5716
Ichimoku cloud bottom: 1.5806
GBP/USD after making a low of 1.5588 has bounced back till 1.5734.Overall trend is weal as long as 1.5825 (38.2% retracement of 1.6181 and 1.55885) holds.
The pair’s major support is around 1.5588 and any break below would extend gain to 1.500 (161.8% retracement of 1.55917 to 1.5734)/1.5400.
GBPUSD is facing minor resistance 1.5734 and any indicative break above will target 1.5770/1.5825.
Recommendation: Sell GBP/USD around 1.5725, SL 1.5825, Target 1.5400
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.5684
Kijun-Sen level: 1.5663
Ichimoku cloud top: 1.5716
Ichimoku cloud bottom: 1.5806
GBP/USD after making a low of 1.5588 has bounced back till 1.5734.Overall trend is weal as long as 1.5825 (38.2% retracement of 1.6181 and 1.55885) holds.
The pair’s major support is around 1.5588 and any break below would extend gain to 1.500 (161.8% retracement of 1.55917 to 1.5734)/1.5400.
GBPUSD is facing minor resistance 1.5734 and any indicative break above will target 1.5770/1.5825.
Recommendation: Sell GBP/USD around 1.5725, SL 1.5825, Target 1.5400