Forex: Ichimoku Clouds. Review of GBP/USD

Forex: Ichimoku Clouds. Review of GBP/USD

GBP/USD, H4

On the four-hour chart Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is approaching the price chart from above; current cloud is ascending. The pair has entered the cloud, but the fall has been stopped by Kijun-sen-line (1.6772). Upper border of the cloud is the closest resistance level at 1.6787.



GBP/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart; current cloud is still ascending. The pair has entered the cloud, its upper border becomes a resistance level at 1.6789. Tenkan-sen line is the closest support level (1.6789).



Key levels

Support levels: 1.6769, 1.6772.
Resistance levels: 1.6787, 1.6789.

Trading tips

On the both charts the pair is trading within the cloud, it is not recommended to open new trades at current price. Pending sell orders can be placed below 1.6730.

Anastasiya Glushkova
Analyst of LiteForex Investments Limited

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