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GBPUSD Holds Inside Ichimoku Cloud After Bullish Cross Within SMAs

Technical Analysis – GBPUSD holds inside Ichimoku cloud after bullish cross within SMAsGBPUSD advanced above the falling trend line, that had been holding since June 10, and entered the Ichimoku cloud. Currently, the RSI is flattening above its 50 neutral level, while the MACD is moving sideways above its zero and trigger lines, pointing to a neutral-to-positive short-term trading. Meanwhile, the 20- and 40-period simple moving averages (SMAs) have completed a bullish cross, indicating a positive structure in the short-term timeframe.

Should buyers drive above the 38.2% Fibonacci of the downward move from 1.2815 to 1.2250, at 1.2465, they could initially encounter a stronger resistance near the 50.0% Fibo of 1.2530. A step above the latter, may stall around the 1.2590 level and the 61.8% Fibo of 1.2598. Overcoming these borders, the price may shoot for the 1.2690 barrier.

Otherwise, if sellers take control, initial support could come from the bullish cross of the SMAs at 1.2400 ahead of the 23.6% Fibo of 1.2382. Moving lower, additional limitations may emerge near 1.2360 and then around the one-month trough of 1.2250.

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Concluding, GBPUSD has been in a bullish mode after the bounce off 1.2250. To further strengthen positive momentum, the price may need close above 1.2815.