Expanding bearish Ichimoku Cloud with falling Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen, the falling lines; the bears continue their offensive.
GBP/USD: Bulls entered into Cloud
Technical levels: support – 1.2750, 1.2660; resistance – 1.2805, 1.2840.
- Buy — 1.2780; SL — 1.2760; TP1 — 1.2840; TP2 — 1.2900.
- Sell — 1.2750; SL — 1.2770; TP1 — 1.2660; TP2 — 1.2610.
Reason: narrowing bearish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices entered into the Cloud and the Bulls will going to the upper bound of the Cloud.
Expanding bearish Ichimoku Cloud with horizontal Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices are under the resistance of Kijun-sen and may continue falling down.
Recommendation: SELL 128 SL 128…
We've got a pullback from 7/8 MM Level on the one hour chart, so wave [v] of C may have been formed. The price is declining in wave (iii) of [i].
The 34 MA has acted as support, so the price is consolidating. Meanwhile, the pair is likely going to test the closest resistance.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.