XM Group - Analytics

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    Technical Analysis – GBPUSD fails to break above Ichimoku cloud, neutral bias remains

    GBPUSD attempted to rise above the daily Ichimoku cloud but fell back and is currently testing the tenkan-sen line. This is providing support at 1.5370.

    The bias remains neutral for the moment. The rise from 1.5106 has found resistance several times at 1.5508 resistance. As long as the market remains above 1.5106 and below 1.5508 the market will remain neutral unless there is a break out on either side.

    In the bigger picture, since September, the market it testing the 38.2% Fibonacci retracement level at 1.5405 of the rise from 1.4564 to 1.5929.
    On the weekly chart the market is still in a corrective pattern after the big decline from 1.7190 (July 2014) to 1.4564.

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