That has been a question for a while after the long lasting rally. Can it go further up, or will we see the end of the bullish trend, and maybe the first phase of a possible bearish reversal?
Let's make a checklist:
Daily: Major trend is still up, but the trendline is very close. Price trades above the Kumo, and at mom stuck in a flag. Kumo supports are: 1,6600 (prompt) and 1,6727 (Future Senkou B). Chikou SPan getting close to price candles, this makes it less bullish (momentum loosing) Tenkan/Kijun weak bearish cross, after a lower high print two days ago. Slow Stoch still climbing, and DMI is bullish, but ADX dropped below 20, means trend is likely out of steam.
4 Hrs: After going above the Kumo cloud, price has failed to keep going higher and corrected back into the cloud. This means short term undecision. DMI bearish here. (Slow Stoch not much relevance at current levels I think.
Heiken Ashi short term bearish. Red bars with MACD down.
I think there's some increasing chance that this bullish trend starts loosing momentum. Since the main focus is EURGBP, and there Sterling is doing really fine, I think the most likely scenario for close future is that GBPUSD will move a sideaway, with some possible bearish bias.
Let's make a checklist:
Daily: Major trend is still up, but the trendline is very close. Price trades above the Kumo, and at mom stuck in a flag. Kumo supports are: 1,6600 (prompt) and 1,6727 (Future Senkou B). Chikou SPan getting close to price candles, this makes it less bullish (momentum loosing) Tenkan/Kijun weak bearish cross, after a lower high print two days ago. Slow Stoch still climbing, and DMI is bullish, but ADX dropped below 20, means trend is likely out of steam.
4 Hrs: After going above the Kumo cloud, price has failed to keep going higher and corrected back into the cloud. This means short term undecision. DMI bearish here. (Slow Stoch not much relevance at current levels I think.
Heiken Ashi short term bearish. Red bars with MACD down.
I think there's some increasing chance that this bullish trend starts loosing momentum. Since the main focus is EURGBP, and there Sterling is doing really fine, I think the most likely scenario for close future is that GBPUSD will move a sideaway, with some possible bearish bias.