GBPUSD - A buy here is bottom fishing, not yet strategic view
We can not say there are too many indications that Cable is a confirmed strategic buy. It can be at some point, but right now the picture is really mixed. Still, based on 4 Hrs range it is rather a buy now and the trade can be a good bottom fishing. Let's see the details.
Daily: The trend is bearish. Ichimoku is absolutely bearish: everything is below the Kumo, and all lines point down. So the strategic direction is clear until Price remainsbelow Key support 1,6100.
But there are also some signals that seriously suggest we may see some consolidation before either the bearish trend continues, or it reverses. MACD has a massive positive divergence, Chikou Span is about to hit price candles (loosing open space), and most importantly last three days' candles shows a price action such as mkt started to believe an interim bottom may be in ard 1,5950-1,6000.
It seems for now Cable is stuck in a range between 1,5950 - 1,6150, and this is even more visible on the lower time frame.
4 Hrs: Thin Kumo, woth an obvious short term equilibrium Price at 1,6050. Basically GBPUSD has been swinging ard this level for some time now, in a range of 1,5950 - 1,6150. In terms of Ichimoku it is impossible to read a direction now, as this pair is clearly moving sideaways.
For now it shd be a Buy the bottom sell the top strategy, following oscillators like Slow Stoch (or any ther you prefer)
Ichimoku will nbot help you until it starts trending again either with breaking below 1,5900 or above 1,6150-1,6170.
Daily: The trend is bearish. Ichimoku is absolutely bearish: everything is below the Kumo, and all lines point down. So the strategic direction is clear until Price remainsbelow Key support 1,6100.
But there are also some signals that seriously suggest we may see some consolidation before either the bearish trend continues, or it reverses. MACD has a massive positive divergence, Chikou Span is about to hit price candles (loosing open space), and most importantly last three days' candles shows a price action such as mkt started to believe an interim bottom may be in ard 1,5950-1,6000.
It seems for now Cable is stuck in a range between 1,5950 - 1,6150, and this is even more visible on the lower time frame.
4 Hrs: Thin Kumo, woth an obvious short term equilibrium Price at 1,6050. Basically GBPUSD has been swinging ard this level for some time now, in a range of 1,5950 - 1,6150. In terms of Ichimoku it is impossible to read a direction now, as this pair is clearly moving sideaways.
For now it shd be a Buy the bottom sell the top strategy, following oscillators like Slow Stoch (or any ther you prefer)
Ichimoku will nbot help you until it starts trending again either with breaking below 1,5900 or above 1,6150-1,6170.