Current Situation:
- GBP/USD is currently testing the Ichimoku indicator’s signal lines, which can indicate a potential change in direction.
Bearish Signs:
- The pair is going below the Ichimoku Cloud, suggesting a possible downtrend.
Support Levels:
- You expect a test of the lower boundary of the Cloud at 1.2670, followed by a decline to 1.2475.
Confirmation of Downtrend:
- A rebound from the upper boundary of the bearish channel would further confirm the downtrend.
Bullish Scenario:
- This bearish scenario can be invalidated if the price breaks above the upper boundary of the Cloud and secures a position above 1.2715.
Potential Upside:
- A breakout above the Cloud could indicate further growth to 1.2805.
Additional Notes:
- It’s important to remember that technical analysis is not a perfect science and should be used in conjunction with other factors like fundamental analysis (economic news events) for a more comprehensive understanding of the market.
- Keep an eye on upcoming economic data releases that could impact the GBP/USD, such as US Nonfarm Payrolls data scheduled for release this coming Friday.