May 22, 2020, 6:53:12 PM

GBP/CAD: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (1.7044). The closest resistance level is the upper border of the cloud (1.7135).




On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.6992). The closest resistance level is Tenkan-sen line (1.7141).


On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.6991) and Stop Loss at the lower border of the cloud (1.7135).

Scenario

  • Timeframe

    Intraday

  • Recommendation

    SELL

  • Entry Point

    1.7067

  • Take Profit

    1.6991

  • Stop Loss

    1.7135

  • Key Levels

    1.6992, 1.7044, 1.7135, 1.7141

Tifia trading account

Open

GBP/CAD forecast for today.