Bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with the rising lines; the market was supported by Kijun-sen, but now is overbought and it’s under strong resistance.
GBP/USD: bulls made a stop
BUY 1.357 SL 1.3515
TP 1.367, SELL 1.3465
SL 1.352 TP1 1.34 TP2 1.3325
On the daily chart, GBP/USD formed an inside bar. It points at the indecisiveness of market players. A break of the inside bar’s low together with the formation of “Three Indians” pattern will strengthen the risks of a pullback towards 1.34, 1.33 and 1.3265.
On H1, GBP/USD is consolidating in the 1.3465-1.3570 area in line with “Spike and ledge” pattern. A successful test of its upper border will open the way to the north. On the other hand, a break of support at 1.3465 will increase the risks of correction to 1.3400-1.3420 and 1.3300-1.3325.
Expanding bearish Ichimoku Cloud with rising Senkou Span A; a cancelled dead cross of Tenkan-sen and Kijun-sen with the rising lines; the market are returned into the positive area.
Recommendation: SELL 105…
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.