GBPUSD Tests Ichimoku Resistance: Bullish Trend Insight
Solid ECN - The GBPUSD pair is currently testing the Ichimoku cloud resistance. Interestingly, this level is backed up by the descending trendline, depicted in red. The price of the GBPUSD stands at 1.261, and the technical indicators show signs of the bullish trend that began last week.
From a technical standpoint, the uptick momentum will likely continue if the bulls stabilize the price above the descending trendline. If this scenario comes into play, the next bullish target would be the 61.8% Fibonacci resistance level.
Conversely, the 1.2590 level supports the bullish scenario mentioned above. However, should the bears breach this level, the price would likely experience a further decline to 1.255, followed by 1.251.