Ichimoku cloud analysis: XAU/USD, GBP/USD, EUR/GBP
|XAU/USD, “Gold vs US Dollar”
XAUUSD is trading at 1801.00; 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 1810.00 and then resume moving downwards to reach 1755.00. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1830.00. In this case, the pair may continue growing towards 1865.00. To confirm further decline, the asset must break the support level and fix below 1790.00, thus indicating the completion of a Head & Shoulders reversal pattern.
GBP/USD, “Great Britain Pound vs US Dollar”
GBPUSD is trading at 1.3727; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the resistance area at 1.3760 and then resume moving downwards to reach 1.3505. Another signal in favor 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 1.3885. In this case, the pair may continue growing towards 1.3995.
EUR/GBP, “Euro vs Great Britain Pound”
EURGBP is trading at 0.8592; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.8565 and then resume moving upwards to reach 0.8695. Another signal in favor 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 0.8515. In this case, the pair may continue falling towards 0.8425.
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