Ichimoku Cloud Analysis 21.08.2023 (GBPUSD, BRENT, USDCAD)

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has rebounded from the resistance level. The pair is going above the Ichimoku Cloud, suggesting an uptrend. A test of the lower boundary of the Cloud is expected at 1.2690, followed by a rise to 1.2940. The growth could be additionally confirmed by a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price securing under 1.2665, which will indicate a further decline to 1.2575.

BRENT

Brent has secured above the upper boundary of a bullish channel. The instrument is going above the Ichimoku Cloud, suggesting an uptrend. A test of the Tenkan-Sen line is expected at 85.05, followed by a rise to 87.75. The growth can be additionally confirmed by a rebound from the upper boundary of the ascending channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price securing under 84.05, which will mean a further decline to 80.05.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is correcting within a bullish channel. The instrument is going above the Ichimoku Cloud, suggesting an uptrend. A test of the lower boundary of the Cloud is expected at 1.3520, followed by a rise to 1.3630. The growth can be additionally confirmed by a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price securing under 1.3495, which will indicate a further decline to 1.3405. Meanwhile, the growth could be confirmed by a breakout of the upper boundary of the bearish channel with the price securing above 1.3555.