@olufemi_a27 on GBPUSD | PriceONN Community
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Anyone using the Ichimoku Cloud for GBPUSD? Seems to be getting thick up here, thinking it might be some resistance. How do you guys interpret it with the current bullish momentum?
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Hey @olufemi_a27, I don't use Ichimoku myself, but I do see the price bumping up against that 1.3550 area. It feels like that's been a sticky zone for a while now. I was watching the news earlier about the ECB potentially holding rates, which might be weakening the Euro a bit, and that's probably giving GBPUSD some breathing room to push higher against it. Plus, with the S&P 500 breaking out, there's a bit more risk-on sentiment out there. I'm not sure if it's sustainable though, feels like it could reverse fast.
@olufemi_a27 Yeah, that Ichimoku cloud is looking pretty formidable around the 1.3550-1.3560 area. I saw that too. With the price currently sitting below the 20 and 50 SMAs, and the RSI hovering around 42, it's hard to get excited about bullish momentum right now. It feels more like we're heading towards testing that lower support at S1. Honestly, I'm keeping an eye on the oil news and how that might cause a gap on Monday, could be a key driver.