GBPUSD in a fragile uptrend

Gold daily analysis
February 9, 2016
NZDUSD 0.67 is critical long-term resistance
February 9, 2016

GBPUSD is trending higher inside an upward sloping bullish channel as can be seen in the chart below. Price remains above the Ichimoku cloud support as it makes higher highs and higher lows. However the upward move is far from and this makes me believe that the downtrend will resume soon.  GBPUSD1

As long as price is above the Ichimoku cloud and the 1.4250 price level trend remains bullish. Once we break below 1.4250 we will get the first bearish signal that could push price below 1.40.

GBPUSD2

Price has reached the 38% Fibonacci retracement and got rejected as can be seen in the daily chart above. Price is now testing the kijun- and tenkan-sen indicators support, so a daily close below 1.44 will be an indication that short-term trend is reversing to bearish.

As always, thank you for taking the time to catch up on my thinking

impulse-wave-rules

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.