FX.co ★ GBP/USD

Hello. For the GBPUSD asset, the market is trading above the Ichimoku cloud. The cloud consists of two lines: Span A at 1.34118 and Span B at 1.34293. When the market was below the cloud, these lines acted as resistance. Currently, the market price is at 1.35350 above the Kumo, turning the cloud area into a strong support from which to look for a buying entry point. The bullish sentiment is further confirmed by another signal: the crossing of the Tenkan-Sen at 1.35200, which is above the Kijun-Sen line at 1.34694, forming a golden cross. The information about the market being above the cloud and the cross provide a very powerful buying signal. It is suggested to consider buying in an uptrend. The upward trend scenario will become ineffective after breaking through the cloud. It is advisable to wait for a dead cross - the Tenkan-Sen line below the Kijun-Sen - before considering taking profit on the opposite signal.