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 below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart; current cloud is descending. The pair is still falling toward last year’s lows at 1.6250. Tenkan-sen line is the closest resistance level (1.6376).



GBP/USD, D1

On the daily chart Tenkan-sen line is also below Kijun-sen, however, both lines are directed steeply down, reflecting the power of Bearish movement. Chinkou Span line is below the price chart; current cloud is descending. Tenkan-sen line is the closest resistance level (1.6465). One of the previous minimums of Chinkou Span line is expected to be a support level at 1.6105.



Key levels

Support levels: 1.6250, 1.6105.
Resistance levels: 1.6376, 1.6465.

Trading tips

All Ichimoku lines show the development of the downward trend. Targets for the short positions are 1.6250 and 1.6105.

Anastasiya Glushkova
Analyst of LiteForex Investments Limited

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