Market Review

EUR/GBP: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (0.8760). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8790).




On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.8760). The closest resistance level is Tenkan-sen line (0.8840).


On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.8640) and Stop Loss at the level of Kijun-sen line (0.8840).

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 0.8770
Take Profit 0.8640
Stop Loss 0.8840
Key Levels 0.8760, 0.8790

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