Short term trend: Bearish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 1.5769
Kijun-Sen level: 1.5849
Ichimoku cloud top: 1.5901
Ichimoku cloud bottom: 1.5889
GBP/USD has made a low of 1.5758 and recovered slightly from that level. Intraday trend is weak as long as 1.5850 (Kijun-Sen) holds.
The pair will target 1.5901/1.5950 on breaking above 1.5850 (Kijun-Sen and also 50% retracement of 1.5939 and 1.5758).
GBP/USD major support is around 1.5750 and on the downside break below would extend loss to 1.5690 (161.8% retracement of 1.5789 to 1.59438).
Short term trend reversal -1.5951.
Recommendation: Sell GBP/USD around 1.5800-05, SL 1.5851, Target 1.5694.
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 1.5769
Kijun-Sen level: 1.5849
Ichimoku cloud top: 1.5901
Ichimoku cloud bottom: 1.5889
GBP/USD has made a low of 1.5758 and recovered slightly from that level. Intraday trend is weak as long as 1.5850 (Kijun-Sen) holds.
The pair will target 1.5901/1.5950 on breaking above 1.5850 (Kijun-Sen and also 50% retracement of 1.5939 and 1.5758).
GBP/USD major support is around 1.5750 and on the downside break below would extend loss to 1.5690 (161.8% retracement of 1.5789 to 1.59438).
Short term trend reversal -1.5951.
Recommendation: Sell GBP/USD around 1.5800-05, SL 1.5851, Target 1.5694.