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: pound returned to Cloud
Technical levels: support – 1.3980; resistance – 1.4100, 1.4170.
- Buy — 1.3980; SL — 1.3960; TP1 — 1.4100; TP2 — 1.4170.
Reason: narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices are entered into the cloudy area and will may test the Kijun’s support.
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.