GBP/CAD: Ichimoku clouds
Let's look at the four-hour 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 is trading around upper border of the cloud. The closest support level is Kijun-sen line (1.7480). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7614).
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 ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (1.7413). The closest resistance level is Kijun-sen line (1.7589).
It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.7614) line and Stop Loss at the level of Kijun-sen line (1.7447).
|Key Levels||1.7413 1.7480 1.7589 1.7614|
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