GBP/CAD: Ichimoku clouds 12 September 2017, 20:27

GBP/CAD: Ichimoku clouds

12 September 2017, 20:27

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	1.6157
Take Profit	1.5867
Stop Loss	1.6264
Key Levels	1.5867, 1.6092, 1.6196, 1.6264

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (1.6130) and resistance (1.6176) levels



On the daily chart Tenkan-sen line is below Kijun-sen, the lines are 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. Tenkan-sen and Kijun-sen lines have become support (1.6092) and resistance (1.6196) levels respectively

On the four-hour chart the instrument is trading within the cloud. 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 (1.5867) and Stop Loss at the lower border of the cloud (1.6264).