Ichimoku cloud analysis: GBP/USD, Brent, USD/CAD

6 Feb 2024

FXStreet

GBP/USD, “Great Britain Pound vs US Dollar”

GBP/USD has found a foothold under the lower boundary of the descending channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 1.2565 is expected, followed by a decline to 1.2425. An additional signal confirming the decline could be a rebound from the lower boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 1.2735, which will mean further growth to 1.2825.

Brent

Brent is rebounding from the support level. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Kijun-Sen line at 78.65 is expected, followed by a decline to 73.35. An additional signal confirming the decline could be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 83.05, which will mean further growth to 87.00.

USD/CAD, “US Dollar vs Canadian Dollar”

USD/CAD is testing the resistance area. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 1.3475 is expected, followed by a rise to 1.3665. An additional signal confirming the rise might be a rebound from the upper boundary of the descending channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 1.3375, which will mean a further decline to 1.3290.

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