GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is testing the bearish channel’s upside border. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1.1905 and then resume moving upwards to reach 1.2240. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.1805. In this case, the pair may continue falling towards 1.1705.
BRENT
Brent is no longer trading within a Wedge reversal pattern. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 103.75 and then resume moving upwards to reach 119.25. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 99.05. In this case, the pair may continue falling towards 94.05. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 110.05.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is correcting within the bullish channel. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 136.65 and then resume moving upwards to reach 141.25. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 135.35. In this case, the pair may continue falling towards 133.45.
