EUR/JPY broke key support level 131…
GBP/USD reversed from support zone
- GBP/USD reversed from support zone
- Next buy target - 1.4340
GBP/USD recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area lying between the round support level 1.4000 and the upper trendline of the recently broke wide daily up channel from August (acting as support after it was broken). GBP/USD is expected to rise further toward the next buy target at the next resistance level 1.4340 (top of the previous impulse wave (iii)).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
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 Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.