Market Review

GBP/CAD: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is Kijun-sen line (1.6903). The closest resistance level is the upper border of the cloud (1.7125).




On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has broken through the cloud and slowed down its growth. The closest support level is the upper border of the cloud (1.6946). The closest resistance level is Kijun-sen line (1.7087).


On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.6903) and Stop Loss at the lower border of the cloud (1.7125).

Scenario

Timeframe Intraday
Recommendation SELL
Entry Point 1.7045
Take Profit 1.6903
Stop Loss 1.7125
Key Levels 1.6903 1.6946 1.7087 1.7125

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