GBP/USD Daily: Testing Ichimoku Cloud with RSI Heading Down
Trading Idea
Wait for confirmation below Ichimoku cloud. The sentiment seems to be with the bears and we could see further drops
Technical reasons why: The pair was held by our resistance level of 1.5450 and currently pulling back towards the Ichimoku cloud after breaking below the 61% Fibonacci retracement. The RSI is heading down towards the neutrality area.
Alternative Scenario: Above 1.5160 look for further upside towards 1.5450
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.4800 | 1.5050 | 1.5160 |
| 1.4620 | 1.4935 | 1.5450 |
