Pound Sterling Price News and Forecast: GBPUSD picks up bids to extend the previous day’s rebound
GBP/USD aims to regain 1.2200 on softer US Dollar ahead of US CB Consumer Confidence
GBP/USD extends the previous day’s rebound from a three-week low, up 0.11% intraday near 1.2190 during the mid-Asian session on Wednesday. In doing so, the Cable pair cheers the broad-based US Dollar weakness, due to the receding fears of the recession.
Ichimoku cloud analysis: GBP/USD, USD/JPY, Brent
GBP/USD has left the borders of a bullish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 1.2160 is expected, followed by falling to 1.1725. An additional signal confirming the decline will be a bounce off the lower border of the bullish channel.