EURGBP, “Euro vs Great Britain Pound”
EURGBP is rebounding from the support area at 0.8334; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.8415 and then resume moving downwards to reach 0.8205. Another signal in favour of a further downtrend will be a rebound from the right “shoulder” of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.8490. In this case, the pair may continue growing towards 0.8585. To confirm further decline, the asset must break the pattern’s “neckline” and fix below 0.8305.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is rebounding from Tenkan-Sen and Kijun-Sen at 0.7582; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the rising channel’s downside border at 0.7555 and then resume moving upwards to reach 0.7785. Another signal in favour of a further uptrend will be a rebound from the support area. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.7430. In this case, the pair may continue falling towards 0.7350.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is testing the support level at 1.3050; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3105 and then resume moving downwards to reach 1.2925. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3205. In this case, the pair may continue growing towards 1.3305.
