GBP/USD: Ichimoku analysis (Nov. 29)
Daily. GBP/USD kept rising. During the weeks the bulls have broken up the horizontal channel in which the pair was trading since the beginning of October. Tenkan-sen and Kijun-sen intersected and formed a Golden Cross (C) exactly above the upper line of the Ichimoku Cloud. This may be seen as a further confirmation that the market is ready to continue growth. Pay attention to Senkou Span A and Senkou Span B which are strengthening the bullish Cloud. This probably shows the growth of long-term bullish sentiment. Now GBP/USD is trading above 2-year highs. There’s high possibility of pound’s testing 2011 maximum.
Chart. Daily GBP/USD
H4. Here the picture is also in favor of the bulls. Earlier this week the pair got support at Kijun-sen as it dipped to $1.6150, but then turned up and was rising continuously throughout the week renewing local highs. All lines of the indicator are currently directed upwards, that indicates further recovery. The Ichimoku Cloud has a wide range bullish, the Golden Cross is still in place.
Chart. H4 GBP/USD