Versus the Japanese yen (JPY), the British pound (GBP) is seen rebounding from its Ichimoku Cloud Support on the H4 chart. Made up of the Leading Span A (light green at ¥192.77) and the Leading Span B (light orange at ¥190.90), the Ichimoku Cloud Support is seen sharing chart space with traditional support at ¥189.94 and a 50.0% retracement ratio at ¥189.86. However, a caveat is that the Conversion Line (blue at ¥192.77) is crossing below the Base Line (red at ¥192.77), indicating a potential bearish vibe.
Price Direction
Given that price recently closed north of ¥191.00, Ichimoku bulls will likely be watching for the Conversion Line to cross above the Base Line, a signal often used to enter long following a rebound from Ichimoku Cloud Support. Regarding upside targets, buyers may aim for ¥192.00 as an initial objective, followed by a close above the Conversion/Base Lines.
Price Direction
Given that price recently closed north of ¥191.00, Ichimoku bulls will likely be watching for the Conversion Line to cross above the Base Line, a signal often used to enter long following a rebound from Ichimoku Cloud Support. Regarding upside targets, buyers may aim for ¥192.00 as an initial objective, followed by a close above the Conversion/Base Lines.
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