UKOUSD 17 Jun 2024 On the weekly timeframe, UKOUSD is still moving sideways slightly below the kumo cloud. Although it has not managed to rally to break the kumo, the commodity is at a price position of 82.425 after experiencing another bearish trend reversal. On the stochastic indicator, the chart appears to be rising towards the 50 level after previously experiencing saturation due to oversold. This indicates a potential trend reversal, but the price still needs to break the kumo cloud to confirm a stronger bullish trend. Traders should monitor the resistance level at the kumo cloud and the stochastic movement for further signals.
