GBP/USD: Ichimoku analysis (Mar. 7)
Daily. The pair spent another week consolidating above Tenkan-sen. The Bulls didn’t manage to overcome resistance of 1.6750/70, but despite this fact, the Ichimoku indicator remains positive. Tenkan-sen began to turn up, indicating a possible continuation of the uptrend. But buyers need to follow the developments of the situation, because Chinkou Span will soon be in the overbought area.
Chart. Daily GBP/USD
H4. Here the pair declined to the upper limit of the Ichimoku Cloud, but with the support of the upper boundary the bulls managed to return the currency pair back to the highs of the last week. Tenkan-sen and Kijun-sen formed a golden cross (C), the Cloud is once again expanding up. This can mean that growth is resuming.
Chart. H4 GBP/USD