The GBP/USD pair, also known as the Great Britain Pound versus the US Dollar, is currently undergoing a correction after breaking out of a descending corrective channel. The pair is showing signs of an uptrend as it moves above the Ichimoku Cloud. It is expected to test the Cloud’s lower boundary at 1.2525 and then rise to 1.2695. A rebound from the lower boundary of the bullish channel will further confirm this upward movement. However, if the price breaks below 1.2485 and falls below the Cloud’s lower boundary, it could indicate a decline to 1.2395.
On the other hand, the AUD/USD pair, which represents the Australian Dollar versus the US Dollar, is currently on a decline after bouncing off the upper boundary of a descending channel. Despite this, the pair is still moving above the Ichimoku Cloud, hinting at a potential uptrend. It is expected to test the Cloud’s upper boundary at 0.6575 and then rise to 0.6730. A rebound from the lower boundary of the ascending channel will confirm this upward movement. However, a break below 0.6525 could signal a further decline to 0.6435. Conversely, a break above the upper boundary of the bearish channel, with the price holding above 0.6650, could confirm the rise.
Overall, both currency pairs are showing interesting developments and traders should keep a close eye on these key levels to determine their next moves in the market.