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Forex

GBP/USD : Ichimoku Weekly Support

With the upcoming vote in Scotland on its independence, GBP/USD has fall off the cliff from 1.71 to 1.61 within a month.

On the daily Ichimoku chart, it seems that the trend remains pessimistic with no consolidation in place. Though it has bounce off a low of 1.6103 with immediate resistance at  1.6332

GBP/USD bearish on Scotland's vote

On the Ichimoku weekly chart, it is more optimistic with the uptrend remains intact. Current price range is inside the kumo which suggest that the trend is unconfirmed (pending vote results).

Kumo support extends all the way to 1.58 on the weekly chart.

GBP/USD : Ichimoku Weekly Chart Support

Trading ideas:

1. We can wait for the results and if it breaks 1.64, that could be a good entry point.

2. If it fails to break through 1.64 after the results, it could be a short entry point.

 

Categories
Forex

$GBPUSD . Poise for a rebound?

$GBPUSD rebound

$GBPUSD Ichimoku chart is showing a possible rebound for the forex pair.

On the Ichimoku Daily Chart, it is showing possible support at around 1.5827 with previous Chikou Span support.

On top of that, GBP/USD has extended away from the Tenkan sen and it is likely to revert to ‘the mean’.