GBP/USD Daily: Bullish sentiment slows before reaching 23% Fibonacci
Suggested positioning: Short position below 1.51 with targets set at 1.4620 and 1.45 in extension
Technical reasons why: The US dollars strengthened on better than expected Prelim UoM Consumer Sentiment, which slowed the rally of GBP/USD pair. Forming a spinning top candlestick pattern below the Ichimoku cloud, we could expect another push back down towards previous support at 1.4620
Alternative Scenario: Above 1.51 and the Ichimoku cloud look for further upside with first target set at resistance level of 1.54.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.4620 | 1.51 | 1.54 |
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